Now showing items 1-2 of 2

    • Counterfeiting as private money in mechanism design 

      Cavalcanti, Ricardo de Oliveira; Nosal, Ed
      We describe counterfeiting activity as the issuance of private money, one that is difficult to monitor. Our approach, which amends the basic random-matching model of money in mechanism design, allows a tractable welfare ...
    • Some benefits of cyclical monetary policy 

      Cavalcanti, Ricardo de Oliveira; Nosal, Ed
      In this paper, we present a simple random-matching model of seasons, where di§erent seasons translate into di§erent propensities to consume and produce. We Önd that the cyclical creation and destruction of money is beneÖcial ...