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David K. Levine, Efficiency and the Value of Money, The Review of Economic Studies, Volume 56, Issue 1, 1989, Pages 77–88, https://doi.org/10.2307/2297750
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Abstract
In a monetary model, it is shown that if there is a unique Pareto inefficient barter equilibrium, then a monetary equilibrium exists when traders are sufficiently patient.
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© 1989 The Review of Economic Studies Limited
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