TY  - JOUR
AU  - Kiyotaki,Nobuhiro
AU  - Wright,Randall
TI  - Search for a Theory of Money
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 3482
PY  - 1990
Y2  - October 1990
UR  - http://www.nber.org/papers/w3482
L1  - http://www.nber.org/papers/w3482.pdf
N1  - Author contact info:
Nobuhiro Kiyotaki
Department of Economics
Princeton University
Fisher Hall
Princeton, NJ 08544-1021
Tel: 609-258-4000
Fax: 609-258-6419
E-Mail: kiyotaki@princeton.edu

Randall Wright
Department of Finance and Department of Economics
University of Wisconsin - Madison
Grainger Hall
975 University Ave
Madison, WI 53706
E-Mail: rwright@bus.wisc.edu
AB  - The classical and early neoclassical economists knew that the essential function of money was its role as a medium of exchange; Recently, this idea has been formalized using search-theoretic noncooperative equilibrium models of the exchange process. The goal of this paper is to use a simple model of this class to analyze four substantive issues in monetary economics: the interaction between specialization and exchange, dual fiat currency regimes, the welfare improving role of money, and the susceptibility of monetary economies to extrinsic uncertainty.
ER  -