Title

Time and Money

Authors

Martin Shubik

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.

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