2004, English, Article, Working paper edition: A model of (the threat of) counterfeiting [electronic resource] / By Ed Nosal and Neil Wallace. Nosal, Ed.

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Bookmark: http://trove.nla.gov.au/version/9967268
Published
  • [Cleveland, Ohio] : Federal Reserve Bank of Cleveland, [2004]
Language
  • English

Edition details

Title
  • A model of (the threat of) counterfeiting /​ By Ed Nosal and Neil Wallace.
Author
  • Nosal, Ed.
Other Authors
  • Wallace, Neil.
Published
  • [Cleveland, Ohio] : Federal Reserve Bank of Cleveland, [2004]
Medium
  • [electronic resource]
Series
Subjects
Summary
  • "A simple matching-model of money with the potential for counterfeiting is constructed. In contrast to the existing literature, counterfeiting, if it occurred, would be accompanied by two distortions: costly production of counterfeits and harmful effects on trade. However, application of the Cho-Kreps refinement is shown to imply that there is no equilibrium with counterfeiting. If the cost of producing counterfeits is low enough, then there is no monetary equilibrium. Otherwise, there is a monetary equilibrium without counterfeiting"--Federal Reserve Bank of Richmond web site.
Notes
  • Title from PDF file as viewed on 1/​14/​2005.
  • Includes bibliographical references.
  • Also available in print.
Technical Details
  • System requirements: Adobe Acrobat Reader
  • Mode of access: World Wide Web
Language
  • English
Libraries Australia ID
Contributed by
Libraries Australia

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