Kultti, K. (1996). A monetary economy with counterfeiting. Journal of Economics-Zeitschrift Fur Nationalokonomie, 63, 175-186.
We apply a search-theoretic model of fiat money to study the equilibria in which counterfeit money is accepted. Circulation of counterfeit money presupposes that the agents are impatient and that the punishment for holding it is not too severe. When the [...]


