An elementary model of money circulation

Pokrovskii, V.N. et Schinckus, C. (2016). An elementary model of money circulation. Physica A: Statistical Mechanics and its Applications, 463, 111-122.

This paper investigates money circulation for a system, consisting of a production system, the government, a central bank, commercial banks and many customers of the commercial banks. A set of equations for the system is written; the theory determines the main features of interaction between production and money circulation. Investigation of the equations in a steady-state situation reveals some relationship among output of the production system and monetary variables. The relation of quantity theory of money is confirmed, whereas a new concept of the efficiency of the system is introduced.

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