Legal restrictions and international currencies: An experimental approach
In: Journal of international economics, Band 126, S. 103342
ISSN: 0022-1996
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In: Journal of international economics, Band 126, S. 103342
ISSN: 0022-1996
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Working paper
In: American economic review, Band 104, Heft 6, S. 1735-1776
ISSN: 1944-7981
We study the Lagos and Wright (2005) model of monetary exchange in the laboratory. With a finite population of sufficiently patient agents, this model has a unique monetary equilibrium and a continuum of non-monetary gift exchange equilibria, some of which Pareto dominate the monetary equilibrium. We find that subjects avoid the gift exchange equilibria in favor of the monetary equilibrium. We also study versions of the model without money where all equilibria involve non-monetary gift exchange. We find that welfare is higher in the model with money than without money, suggesting that money plays a role as an efficiency enhancing coordination device. ( JEL C92, D12, E40, Z13)
In: FRB of Dallas Working Paper No. 2113
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In: Journal of Monetary Economics, Band 59, Heft 7, S. 612-621
In: Journal of Financial Economics (JFE), Band 140, Heft 270-291
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