Unformatted text preview: T periods; however, there is uncertainty about T . In other words, individuals know that the economy has a terminal period, but do not exactly know when that period arrives. Can this economy have an equilibrium in which ﬁat money has some positive value. Why (not)? Explain. 1...
View Full Document
- Fall '12
- Economics, Commodity money, Professor Ahmet Akyol, Financial Markets and Institutions