Menu Expand



Pethig, R. Mikroökonomische Analyse der Tauschmittelfunktion des Geldes. Journal of Contextual Economics – Schmollers Jahrbuch, 95(4), 305-325.
Pethig, Rüdiger "Mikroökonomische Analyse der Tauschmittelfunktion des Geldes" Journal of Contextual Economics – Schmollers Jahrbuch 95.4, 1975, 305-325.
Pethig, Rüdiger (1975): Mikroökonomische Analyse der Tauschmittelfunktion des Geldes, in: Journal of Contextual Economics – Schmollers Jahrbuch, vol. 95, iss. 4, 305-325, [online]


Mikroökonomische Analyse der Tauschmittelfunktion des Geldes

Pethig, Rüdiger

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 95 (1975), Iss. 4 : pp. 305–325

Additional Information

Article Details

Pethig, Rüdiger


  1. Brunner, K. und A. H. Meltzer (1971), The Uses of Money: Money in the Theory of an Exchange Economy, American Economic Review 61 (1971), S. 784-805.  Google Scholar
  2. Clower, R. W. (1967), A Reconsideration of the Microfoundations of Monetary Theory, Western Economic Journal 6 (1967), S.1-8. - (1963), Classical Monetary Theory Revisited, Economica 30 (1963), S. 165 bis 170.  Google Scholar
  3. Debreu, G. (1959), Theory of Value. An Axiomatic Analysis of Economic Equilibrium, New York 1959.  Google Scholar
  4. Grandmont, J.-M. (1973), On the Short Run Equilibrium in a Monetary Economy, in J. Dreze (Hrsg.), Allocation under Uncertainty, Equilibrium and Optimality, London u. a. 1973.  Google Scholar
  5. Grandmont, J.-M. und Y. Younes (1972), On the Role of Money and the Existence of a Monetary Equilibrium, Review of Economic Studies 39 (1972), S. 355 - 372.  Google Scholar
  6. Hahn, F. H. (1971), Equilibrium with Transactions Costs, Econometrica 39 (1971), S. 417 - 439. - (1965), On Some Problems of Proving the Existence of an Equilibrium in a Monetary Economy, in F. H. Hahn und F. P. R. Brechling (Hrsg.), The Theory of Interest Rates, New York 1965.  Google Scholar
  7. Intrilligator, M. D. (1971), Mathematical Optimization and Economic Theory, Englewood Cliffs 1971.  Google Scholar
  8. Karni, E. (1973), Transactions Costs, and the Demand for Media of Exchange, Western Economic Journal 11 (1973), S. 71 - 80 Kurz, M. (1974), Equilibrium with Transactions Costs and Money in a Single- Market Exchange Economy, Journal of Economic Theory 7 (1974), S. 418 bis 452.  Google Scholar
  9. Marschak, J. (1950), The Rationale of the Demand for Money and of „Money Illusion“, Metroeconomica 2 (1950), S. 71-100.  Google Scholar
  10. Niehans, J. (1971), Money and Barter in General Equilibrium with Transactions Costs, American Economic Review 61 (1971), S. 773 - 783.  Google Scholar
  11. Ostroy, J. M. (1973), The Informational Efficiency of Monetary Exchange, American Economic Review 63 (1973), S. 597 - 610.  Google Scholar
  12. Patinkin, D. (1965), Money, Interest, and Prices. An Integration of Monetary and Value Theory, 2. Aufl. New York u.a. 1965.  Google Scholar
  13. Pethig, R. (1973), Equilibrium and Media of Exchange in a One-Period General Equilibrium Model with Transactions Costs and Paper Money, Beiträge zur angewandten Wirtschaftsforschung, Universität Mannheim, Discussion Paper No. 41/1973. - (1975), Zur Theorie der Transaktionen, Ein Beitrag zur mikroökonomischen Grundlegung der Geldtheorie, Tübingen 1975.  Google Scholar
  14. Sontheimer, K.C., A Technological Representation of Money, erscheint in Metroeconomica. - (1972), On the Determination of Money Prices, Journal of Money, Credit and Banking 4 (1972), S. 489 - 508.  Google Scholar
  15. Starr, R. M. (1974), The Price of Money in a Pure Exchange Monetary Economy with Taxation, Econometrica 42 (1974), S. 45 - 54. - (1970), Equilibrium and Demand for Media of Exchange in a Pure Exchange Economy with Transactions Costs, Cowles Foundation Discussion Paper No. 300, 1970.  Google Scholar
  16. Veendorp, E. C. H. (1972), Money in a Static Theory of Optimal Payment Arrangements. A Comment, Journal of Money, Credit, and Banking 4 (1972), S. 437 - 440. - (1970), General Equilibrium Theory for a Barter Economy, Western Economic Journal 8 (1970), S. 1-23.  Google Scholar
  17. Walras, L. (1954), Elements of Pure Economics or the Theory of Social Wealth, transl. by W. Jaffe, London 1954.  Google Scholar
  18. Wicksell, K. (1898), Geldzins und Güterpreise, Jena 1898; Übersetzung: Interest and Prices, New York 1965.  Google Scholar


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