Document Type
Discussion Paper
Publication Date
1-1-1996
CFDP Number
1112
CFDP Pages
20
Abstract
General equilibrium is timeless, and without outside money, the price system is homogeneous of order zero. Some finite horizon strategic market game models are considered with an initial issue of flat money held as an asset. For any arbitrary finite horizon, the solution is time-dependent. In the infinite horizon, time disappears with the initial issue of flat money present as circulating capital in the fully stationary state and the price level is determined.
Recommended Citation
Shubik, Martin, "Time and Money" (1996). Cowles Foundation Discussion Papers. 1355.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/1355