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谢志平: Fiat Money’s Essentiality: General Equilibrium and Games Theory Approach

[发表时间]:2011-04-20 [浏览次数]:

 

 

 

题目: Fiat Money’s Essentiality: General Equilibrium and Games Theory Approach

主讲人: 谢志平,山东大学经济研究院副教授。

研究方向:一般均衡、货币经济学、经济哲学等基础理论。

时间: 2011年4月22日(周五)18:30-20:30

地点: 经济学院大会议室

摘要: This paper addresses firstly why people have to use fiat money and then why they are rationally willing to accept it from the perspective of general equilibrium by using games theory to determine agents’ expectation of its purchasing power in unrevealed dates. In an infinite-time decentralized sequence economy, agents use fiat money to bridge markets as if they make trades in a centralized economy, to avoid huge transaction cost that all agents’ going together must incur. The model in this paper formulates the process that agents decide the fiat money’s nominal value. Two new concepts of equilibrium are suggested—Temporarily Partial Equilibrium and Intra-Date Equilibrium, and this paper proves the existence of them. Then, it is proved that all agents’ accepting fiat money with expectation of unchanged nominal value of it is a Nash equilibrium so as to guarantee fiat money’s essentiality.

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中央财经大学经济学院  

2011年4月20日