Commodity money in the presence of goods of heterogeneous quality |
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Authors: | Xavier Cuadras-Morató |
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Institution: | (1) Department of Economics, University of York, YO1 5DD York, England;(2) Department of Economics, Universitat Pompeu Fabra, 08008 Barcelona, Spain |
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Abstract: | Summary The aim of this paper is to demonstrate that uncertainty about the quality of a particular commodity does not necessarily exclude it from emerging as commodity money. This is shown in the context of the model of a simple economy with specialized agents and decentralized trade described in Kiyotaki and Wright (1989). In order to derive this result, considerations about marketability of the different goods are taken into account.I wish to thank Pierre de Trenqualye for many helpful conversations and ideas. For their comments and suggestions I am also very grateful to G. de Fraja and P. J. Simmons. Special thanks are due to Randall Wright for his kind advice. The usual disclaimer applies. Financial support was provided by CIRIT (Generalitat de Catalunya, Spain). |
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