A NOTE ON “MONEY IS MEMORY“: A COUNTEREXAMPLE

A NOTE ON “MONEY IS MEMORY“: A COUNTEREXAMPLE

A counterexample to the notion that money is memory is provided—one that relies on incomplete information. There exists an implementable allocation for it with money that is not implementable with memory. The result arises because money conveys only a limited amount of information about past actions...

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Veröffentlicht in:Macroeconomic dynamics 2017-03, Vol.21 (2), p.545-553
Hauptverfasser: Awaya, Yu, Fukai, Hiroki
Format: Artikel
Sprache:eng
Schlagworte:
Athletic drafts & trades
Consumption
Economic models
Economic theory
Equilibrium
International trade
Macroeconomics
Money
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Zusammenfassung:A counterexample to the notion that money is memory is provided—one that relies on incomplete information. There exists an implementable allocation for it with money that is not implementable with memory. The result arises because money conveys only a limited amount of information about past actions, which can be beneficial in settings with incomplete information.
ISSN:1365-1005
1469-8056
DOI:10.1017/S1365100515000541