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Money, Payments, and Liquidity$
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Ed Nosal and Guillaume Rocheteau

Print publication date: 2011

Print ISBN-13: 9780262016285

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262016285.001.0001

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Competing Media of Exchange

Competing Media of Exchange

(p.251) 10 Competing Media of Exchange
Money, Payments, and Liquidity

Ed Nosal

Guillaume Rocheteau

The MIT Press

This chapter explores alternatives to fiat money. These include gold and silver commodities, or demand deposits, checkable mutual funds, and government securities. Assets such as capital, claims on capital, and stocks are also considered as means of payment but are not used in the real economy or only to a limited extent. The chapter explains why fiat money will remain useful even when capital goods are suddenly considered as a means of exchange. The liquidity of these other commodities and assets are also explored. A system such as the Pareto-efficient trading mechanism is suggested in certain cases of exchange.

Keywords:   means of payment, media of exchange, John Hicks, capital goods, fiat money, Pareto-efficient trading mechanism

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