Generalized search-theoretic models of monetary exchange

• 成果类型: Article
• 署名作者: Rupert, P; Schindler, M; Wright, R
• 署名单位: University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(01)00088-5
• 发表日期: 2001
• 页码: 605-622
• 关键词: money; search; bargaining; prices

摘要

Virtually all simple search models of money assume agents with money cannot produce, and so everyone has either 0 or 1 units of money in steady state. We alternatively assume agents can always produce, and simply restrict money inventories to 0 or 1. This seems better for many issues; for example, in the standard model it is difficult to interpret increases in the money supply, because increasing the fraction of agents holding money decreases the economy's productive capacity. Our model avoids these problems and thus delivers more natural, and simpler, implications in many contexts. We compare results on existence, multiplicity, and welfare across models. (C) 2001 Elsevier Science B.V. All rights reserved.