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Monetary Equilibrium with Buying and Selling Price Spread without Transactions Costs
http://hdl.handle.net/10086/16909
http://hdl.handle.net/10086/169093fda1169-7dbc-4568-99fc-735147012c5e
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
070econDP03-11.pdf (187931 bytes)
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| アイテムタイプ | デフォルトアイテムタイプ（フル）その２(1) | |||||||||
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| 公開日 | 2017-05-20 | |||||||||
| タイトル | ||||||||||
| タイトル | Monetary Equilibrium with Buying and Selling Price Spread without Transactions Costs | |||||||||
| 言語 | en | |||||||||
| 作成者 |
山崎, 昭
× 山崎, 昭
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| アクセス権 | ||||||||||
| アクセス権 | open access | |||||||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||||||
| 内容記述 | ||||||||||
| 内容記述タイプ | Other | |||||||||
| 内容記述 | An earlier version of this paper was circulated as “On the Terminal Value of Money without Transactions Costs”, RUEE Working Paper #91-44, Department of Economics, Hitotsubashi University, October, 1991. | |||||||||
| 言語 | en | |||||||||
| 出版者 | ||||||||||
| 出版者 | Graduate School of Economics, Hitotsubashi University | |||||||||
| 日付 | ||||||||||
| 日付 | 2003-10 | |||||||||
| 日付タイプ | Issued | |||||||||
| 言語 | ||||||||||
| 言語 | eng | |||||||||
| 資源タイプ | ||||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||||||
| 資源タイプ | technical report | |||||||||
| 出版タイプ | ||||||||||
| 出版タイプ | VoR | |||||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||||
| 関連情報 | ||||||||||
| 関連タイプ | isPartOf | |||||||||
| 関連名称 | Discussion papers ; No. 2003-11 | |||||||||
| ページ数 | ||||||||||
| ページ数 | 20 | |||||||||
| 抄録（第三者提供不可） | ||||||||||
| 値 | This paper is concerned with the Hahn problem in a general monetary equilibrium model at the terminal period. Under the assumption that an initial endowment allocation is not Pareto optimal it is proved that an equilibrium with a positive value of money exists if traders take buying and selling prices of commodities as given even if transactions costs are not explicitly required in the buying and selling activities of traders in commodity markets. This result seems to suggest two interpretations. One is that a standard monetary equilibrium concept must be strengthened so as to explicitly require an arbitrage-free property of bid-ask spreads of commodity prices vis-a-vis transactions costs. The second interpretation is that a model in which traders take distinct buying and selling prices as given although no transactions costs are required can be thought of as a way to make tax payments required by an external authority in classical papers endogenous in the form of an indirect taxation. | |||||||||
