1
اقتصاد::
اقتصاد بدون بانک
and this result holds not only in this bankless economy but also in all equilibria of the economy with banks.
This result stands in contrast to standard cash-in-advance monetary models, in which velocity = 1, and is important to compare the nominal prices of the bankless economy with those of the good and bad equilibria derived later.
The budget constraint of households, Equation (16), is similar to that of the bankless economy,
do not have enough resources to pay the preexisting deposits and go bankrupt at t = 0, and the equilibrium is the same as that of the bankless economy.
This is because patient households consume only a fraction of the money M h that they carry over from t =0 in the bankless economy, whereas they now consume all of their money.
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