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...
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- Winter '12
- Economics, Commodity money, Professor Ahmet Akyol, Financial Markets and Institutions