Complementer Currency and Stimulation of Local Economy

A Local Currency in a Dollarized Economy

The paper uses a dual-currency search theoretic approach to demonstrate that it is possible to induce the acceptance of a local currency in a dollarized economy. In the model, we assume that a foreign currency is in full circulation and the government policy tool is the convertibility of the local currency to the foreign currency. We show that the economy can achieve equilibria where two monies...

ساختار کلاسهایی از حلقه های z- موضعی و c- موضعی the structure of some classes of z-local and c-local rings

فرض کنیمr یک حلقه تعویض پذیر ویکدار موضعی باشدو(j(r رایکال جیکوبسن r و(z(r مجموعه مقسوم علیه های صفر حلقه r باشد.گوییم r یک حلقه z- موضعی است هرگاه j(r)^2=. .همچنین برای یک حلقه تعویض پذیر r فرض کنیم c یک عنصر ناصفر از (z( r باشد با این خاصیت که cz( r)=0 گوییم حلقه موضعی r یک حلقه c - موضعی است هرگاه و{0 و z(r)^2={cو z(r)^3=0, نیز xz( r)=0 نتیجه دهد که x عضو {c,0 } است. در این پایان نامه ساخ...

Monetary Policy, Currency Unions and Open Economy Macrodynamics

Currency and Credit in a Private Information Economy

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An Economy with Personal Currency: Theory and Experimental Evidence

Is personal currency issued by participants sufficient to operate an economy efficiently, with no outside or government money? Sahi and Yao (1989) and Sorin (1996) constructed a strategic market game to prove that this is possible. We conduct an experimental game in which each agent issues her personal IOUs, and a costless efficient clearinghouse adjusts the exchange rates among them so the mar...