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has been cited by the following article:
TITLE: Inseparability of Transaction Medium and Store of Value in the Role of Money
AUTHORS: Masayuki Otaki
KEYWORDS: Search Theory of Money; Degeneration of Monetary Economy into Barter Economy; Inseparability of Transaction Medium and Store of Value
JOURNAL NAME: Theoretical Economics Letters, Vol.3 No.4, July 17, 2013
ABSTRACT: We analyze whether or not money can be circulated as a purely transaction medium in the search theory. We obtain the following result: unless the role of a store of value added to the function of money, money does not circulate and the economy degenerates into a barter economy.