One or two monies?

A-Tier
Journal: Journal of Monetary Economics
Year: 2010
Volume: 57
Issue: 4
Pages: 439-450

Authors (2)

Dong, Mei (not in RePEc) Jiang, Janet Hua (Bank of Canada)

Score contribution per author:

2.011 = (α=2.01 / 2 authors) × 2.0x A-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

The set of incentive-feasible allocations is examined in a dynamic quasi-linear environment where agents lack commitment and have private information over their idiosyncratic characteristics. When record-keeping is available, the first-best allocation is implementable in a set of sufficiently patient economies. When record-keeping is limited to one money, this set is strictly smaller--except when private information is absent. When record-keeping is expanded, but limited to two monies, the set of economies for which the first-best is implementable corresponds to that of record-keeping, even when private information is present. We further demonstrate that two monies are a perfect substitute for record-keeping.

Technical Details

RePEc Handle
repec:eee:moneco:v:57:y:2010:i:4:p:439-450
Journal Field
Macro
Author Count
2
Added to Database
2026-01-25