English, Article, Journal or magazine article edition: The Dynamics of Money Per Bak; Simon F. Norrelykke; Martin Shubik

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Bookmark: http://trove.nla.gov.au/version/69600
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Dynamics of Money
Author
  • Per Bak
  • Simon F. Norrelykke
  • Martin Shubik
Physical Description
  • preprint
Notes
  • General equilibrium theory in economics defines the relative prices for goods and services, but does not fix the absolute values of prices. We present a theory of money in which the value of money is a time dependent "strategic variable," to be chosen by the individual agents. The idea is illustrated by a simple network model of monopolistic vendors and buyers. The indeterminacy of the value of money in equilibrium theory implies a soft "Goldstone mode," leading to large fluctuations in prices in the presence of noise. Submitted to Physical Review Letters.
  • General equilibrium, money, Goldstone modes
  • RePEc:wop:safire:98-11-102e
Language
  • English
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