Currency denominations, currency substitutions, and the price level |
| |
| Authors: | Chau-Nan Chen Tien-Wang Tsaur |
| |
| Affiliation: | Institute of the Three Principles of the People Academia Sinica Taiwan |
| |
| Abstract: | ![]()
In a 1976 Journal of Political Economy paper, Chen has shown that gross substitutability is a necessary and sufficient condition for the deletion of a desirable currency denomination to be inflationary. The present note corrects and extends the theory by showing that such deletion is inflationary even if monies are complements. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
