The origin of money: A survey of the contemporary literature |
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Authors: | Giuseppe Mastromatteo Luigi Ventura |
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Institution: | (1) Institute of Economics and Finance, Catholic University, Milan, Italy;(2) Department of Economics, University of Rome “La Sapienza”, Rome, Italy |
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Abstract: | Introducing money into a scheme of general economic equilibrium entails manifold problems, which have emerged in many contributions
to the literature. Some of these problems have been adequately addressed at the level of micro-based approaches which can
be traced back to the monetary theory of Carl Menger. In this survey we shall review such issues, after which we shall attempt
to illustrate the contribution to solving the problem of the origin of money offered by the literature on transaction and
information costs inspired by Menger's monetary theory. (JEL: E40, E42, D83)
Although this paper is the fruit of a common effort, credit for Sections 1, 2, 3, 5, 5.1, 5.2, 5.3 goes in particular to Giuseppe
Mastromatteo, and for Sections 4, 4.1, 4.2, 4.3, 4.4, 6 to Luigi Ventura.
The authors would like to thank the referees for most useful comments and suggestions; the usual disclaimer applies. |
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Keywords: | origin of money information transaction costs |
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