Dois modelos clássicos de economia monetária

Abstract

The paper presents two simple classical models, with three populations (or agent types) and three goods. All transactions are bilateral and decentralized. In these models, the formation of the market depends on the emergence of a general equivalent: the gold money. Both are based on the Kiyotaki-Wright's model structure. They were constructed with the explicit goal ofcreating an alternative to the general equilibrium models. In the first, supposing fixed market prices, the inventories of gold maintained by the agents perform the means of exchange and reserve ofvalue functions, alternately. In the second, the market prices fluctuate around production prices in the short and long run. The production prices are determined endogenously. In the long run, they depend on the reproduction costs measured by labor time.