A model of (the threat of) counterfeiting
By: By Ed Nosal and Neil Wallace.
Contributors: Wallace, Neil.
Series: Working paper ;; 04-01; Working paper (Federal Reserve Bank of Cleveland : Online) ;; 04-01.
Publisher: Federal Reserve Bank of Cleveland
Published: 2004
Place of publication: [Cleveland, Ohio]
Language: eng
Format: Electronic resource
Subjects: Counterfeits and counterfeiting -- Econometric models.
Description: "A simple matching-model of money with the potential for counterfeiting is constructed.  In contrast to the existing literature, counterfeiting, if it occurred, would be accompanied by two distortions: costly production of counterfeits and harmful effects on trade.  However, application of the Cho-Kreps refinement is shown to imply that there is no equilibrium with counterfeiting.  If the cost of producing counterfeits is low enough, then there is no monetary equilibrium.  Otherwise, there is a monetary equilibrium without counterfeiting"--Federal Reserve Bank of Richmond web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 1/14/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.