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Mikroökonomische Analyse der Tauschmittelfunktion des Geldes
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 95 (1975), Iss. 4 : pp. 305–325
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Pethig, Rüdiger
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Abstract
The purpose of this paper is to rationalize the use of (paper) money as a medium of exchange in general equilibrium models without presupposing its utility. Introducing transactions costs as an increasing function of the transactions volume in economies with two-goods markets the function of commodity money as a medium of exchange can be explained. However, the rationalization of the use of media of exchange without „intrinsic value“ causes additional analytical problems. It is shown in a microeconomic analysis that the velocities of circulation of the media of exchange are important for the time profile of a given exchange process. This observation leads to the hypothesis that transactions costs are (also) increasing functions of these velocities, which in turn yields the result that paper money canin fact be a medium of exchange under some specific conditions