Money is an Experience Good: Competition and Trust in the Private Provision of Money

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dc.contributor.author MARIMON, Ramon
dc.contributor.author NICOLINI, Juan Pablo
dc.contributor.author TELES, Pedro
dc.date.accessioned 2011-06-07T09:39:13Z
dc.date.available 2011-06-07T09:39:13Z
dc.date.issued 2011
dc.identifier.issn 1725-6704
dc.identifier.uri http://hdl.handle.net/1814/17714
dc.description.abstract We study the interplay between competition and trust as efficiency-enhancingmechanims in the private provision of money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a bound on efficiency. Stationary inflation must be non-negative and, therefore, the Friedman rule cannot be achieved. The quality of money can only be observed after its purchasing capacity is realized. In that sense money is an experience good. en
dc.language.iso en en
dc.relation.ispartofseries EUI ECO en
dc.relation.ispartofseries 2011/24 en
dc.relation.hasversion http://hdl.handle.net/1814/31177
dc.subject Currency competition en
dc.subject Trust en
dc.subject Inflation en
dc.subject Sustainable Equilibrium en
dc.subject Experience goods en
dc.subject E40 en
dc.subject E50 en
dc.subject E58 en
dc.subject E60 en
dc.title Money is an Experience Good: Competition and Trust in the Private Provision of Money en
dc.type Working Paper en
dc.neeo.contributor MARIMON|Ramon|aut|EUI70009
dc.neeo.contributor NICOLINI|Juan Pablo|aut|
dc.neeo.contributor TELES|Pedro|aut|


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