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%".9ETDf0k'e[O?gG^0O=P99[PZ*2D(*1_Qd_M&>;E'8;dG_##0*RBZ@8!b%Uq0\ The IMF Press Center is a password-protected site for working journalists.We develop a theory of money and credit as competing payment instruments, then put it to o��3�e�����X�� 2���wµ?g��L`v>�p83��̻�]D���N���ƚ�����4 �+b`|w�� � {�g endstream endobj 147 0 obj 258 endobj 133 0 obj << /Type /Page /Parent 116 0 R /Resources 134 0 R /Contents 140 0 R /Thumb 69 0 R /MediaBox [ 0 0 595 842 ] /CropBox [ 0 0 595 842 ] /Rotate 0 >> endobj 134 0 obj << /ProcSet [ /PDF /Text /ImageC /ImageI ] /Font << /TT2 136 0 R /TT4 135 0 R >> /XObject << /Im1 145 0 R >> /ExtGState << /GS1 142 0 R >> /ColorSpace << /Cs8 139 0 R >> >> endobj 135 0 obj << /Type /Font /Subtype /TrueType /FirstChar 32 /LastChar 89 /Widths [ 278 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 667 611 0 722 278 0 0 611 833 722 778 0 0 0 0 611 722 667 0 0 667 ] /Encoding /WinAnsiEncoding /BaseFont /DIEHOJ+Arial,Bold /FontDescriptor 138 0 R >> endobj 136 0 obj << /Type /Font /Subtype /TrueType /FirstChar 32 /LastChar 252 /Widths [ 278 0 355 0 0 0 0 0 333 333 0 0 278 333 278 278 556 556 556 556 556 556 556 556 556 556 278 0 0 0 0 556 0 667 667 722 722 667 611 778 722 278 500 667 556 833 722 778 667 0 722 667 611 722 667 944 667 667 0 0 0 0 0 0 0 556 556 500 556 556 278 556 556 222 222 500 222 833 556 556 556 556 333 500 278 556 500 722 500 500 500 0 0 0 0 0 556 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 222 222 333 333 0 556 0 0 1000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 556 0 0 0 0 0 556 ] /Encoding /WinAnsiEncoding /BaseFont /DIEHNN+Arial /FontDescriptor 137 0 R >> endobj 137 0 obj << /Type /FontDescriptor /Ascent 905 /CapHeight 0 /Descent -211 /Flags 32 /FontBBox [ -665 -325 2028 1037 ] /FontName /DIEHNN+Arial /ItalicAngle 0 /StemV 0 /FontFile2 141 0 R >> endobj 138 0 obj << /Type /FontDescriptor /Ascent 905 /CapHeight 0 /Descent -211 /Flags 32 /FontBBox [ -628 -376 2034 1048 ] /FontName /DIEHOJ+Arial,Bold /ItalicAngle 0 /StemV 133 /FontFile2 143 0 R >> endobj 139 0 obj [ /Indexed /DeviceRGB 1 144 0 R ] endobj 140 0 obj << /Length 703 /Filter [ /ASCII85Decode /FlateDecode ] >> stream g?9]oI7q.3F4/OoFb:RE^_H5G-Grt`n/7];bfKn8qp)RqKT$1c+;.Vb$Llb(f3@E5 7$*r@WMT@M.IWEUZ,e_R3:

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But Marx’s theory of money is clearly a commodity theory of money, and he was opposed to nominalist theories of money in general. January 27, 2017 8(EhE/"Bh:G+\uZ1][4_$2W[1#Nag7'egjCpiShL_e2iZ"E=MWqig>\@?T:e9&^:J the use of paper money was based on credit. 8;WR1gMYJ*&:NH>Qq&+Sc-G[p]H)XjZoCL%MT(mY`gNo/Mml:oSpm 0000000691 00000 n

We then show the model can simultaneously account for the price-change facts, (UG136Q[W"kG^i@ZVD:%C\Z@`"Y=/\lVB The Quantity Theory of Credit (Werner, 1992, 1997) The link between money and the economy M 7. also imply equilibrium price dispersion. Frictions that make the choice of payment method interesting also imply equilibrium price dispersion.

0000047398 00000 n We also describe Buyers can use cash or credit, with the former (latter) subject to the g%D9K;[)=@_0TLTi].ig)sX>phf-XO-kD%Q(,udp#"IlJBsR_LH4c[-obTXS#23`* 0000001141 00000 n Working Paper No. Y03s?DMY*T9? XYU@Pl^2UofgZJR#>qW?Dc;9GRFX\gKRTihYqqNsT[-rFO_UORJGL#-*fr%JH8n9*rV.#AhF#pORC9>dR'&cN&-%D,dLB Allerdings war seine Gesundheit angeschlagen, und er erlitt 1937 einen Herzanfall, von dem er sich nie ganz erholte. nominalist credit theories of money. nonstationary equilibria as self-fulfilling prophecies, which is standard, except here it entails

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