General Equilibrium Models of Monetary Economies - 1st Edition - ISBN: 9780126639704, 9781483273518

General Equilibrium Models of Monetary Economies

1st Edition

Studies in the Static Foundations of Monetary Theory

Editors: Ross M. Starr
eBook ISBN: 9781483273518
Imprint: Academic Press
Published Date: 28th February 1989
Page Count: 364
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General Equilibrium Models of Monetary Economies: Studies in the Static Foundations of Monetary Theory is a collection of essays that addresses the integration of the theory of money and the theory of value by using a mathematical general equilibrium theory. The papers discuss monetary theory, microeconomic theory, bilateral trade, transactions costs, intertemporal allocation, and the value of money. The Arrow-Debreu model of Walrasian general equilibrium theory provides a framework to represent money as a device for facilitating trade among economic agents without the use of money as a medium of exchange and as a store of value. The essays analyze the rationale for using a medium of exchange, for using a store of value, and for holding of idle balances in equilibrium. The essays show that by explicit modeling of the structure and difficulties of trade, a powerful class of models which deny money and finance a role in the economy, has by itself shown to have provided the foundation for the structures of trade. The collection will prove helpful for economists, statistician, mathematicians, students or professors of economics and business.

Table of Contents

I. Monetary Theory and Microeconomic Theory

1. Money in Formal General Equilibrium Analysis

2. J. R. Hicks (1935), "A Suggestion for Simplifying the Theory of Money," Economica, v. II, n. 5, pp. 1-19

3. J. Tobin (1961), "Money, Capital, and Other Stores of Value", American Economic Review, v. LI, n. 2, pp. 26-37

II. Bilateral Trade

1 . Classical Writers

4. Bilateral Trade: Money as a Medium of Exchange

5. A. Smith (1776), "Of the Origin and Use of Money," An Inquiry Into the Nature and Causes of The Wealth of Nations, Book I, chapter IV

6. W. S. Jevons (1875), Money and the Mechanism of Exchange, Chapters I, II, III

7. K. Menger (1892), "On the Origin of Money," Economic Journal, v. II, pp. 239-255

2. Non-monetary Non-market Trade

8. A. M. Feldman (1973), "Bilateral Trading Processes, Pairwise Optimality, and Pareto Optimality," Review of Economic Studies, v. XL, n. 4, pp. 463-474

9. S. M. Goldman and R. M. Starr, (1982) "Pairwise, t-wise, and Pareto Optimalities" Econometrica, v. 50, n. 3, pp. 593-606

3. Bilateral Market Trade

10. J. M. Ostroy (1973), "T h e Informational Efficiency of Monetary Exchange," American Economic Review, v. LXIII, n. 4, pp. 597-610

11. R. M. Starr (1972), "The Structure of Exchange in Barter and Monetary Economies," Quarterly Journal of Economics, v. LXXXVI, pp. 290-302

12. J. M. Ostroy and R. M. Starr (1974), "Money and the Decentralization of Exchange," Econometrica, v. 42. n. 6, pp. 1093-1113

13. R. M. Starr (1976), "Decentralized Non-monetary Trade," Econometrica, v. 44, n. 5, pp. 1087-1089

III. Transaction Costs and Intertemporal Allocation

14. Transaction Costs and Intertemporal Allocations: Money as a Store of Value


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© Academic Press 1989
Academic Press
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About the Editor

Ross M. Starr

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