Working Paper
Comment on Cavalcanti and Nosal's \"Counterfeiting as private money in mechanism design\"
Abstract: In this comment, the author extends Cavalcanti and Nosal's (2010) framework to include the case of perfectly divisible money and unrestricted money holdings. He shows that when trade takes place in Walrasian markets, counterfeits circulate and the Friedman rule is still optimal.
Keywords: Counterfeits and counterfeiting; Money;
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File(s): File format is application/pdf https://www.philadelphiafed.org/-/media/frbp/assets/working-papers/2010/wp10-29.pdf
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Bibliographic Information
Provider: Federal Reserve Bank of Philadelphia
Part of Series: Working Papers
Publication Date: 2010
Number: 10-29