Search-based models of money and finance: An integrated approach

• 成果类型: Article
• 署名作者: Trejos, Alberto; Wright, Randall
• 署名单位: INCAE Business School; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Federal Reserve System - USA; Federal Reserve Bank - Chicago
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2014.11.005
• 发表日期: 2016
• 页码: 10-31
• 关键词: search; bargaining; money; finance

摘要

Many applications in monetary economics of search-and-bargaining theory use Shi-Trejos-Wright, hereafter STW; many applications in finance use Duffie-Garleanu-Pedersen, hereafter DGP. These models share several features, and both concern liquidity, yet they also differ: in STW agents use assets as payment instruments when trading goods; in DGP they pay with goods (or transferable utility) when trading assets. We integrate the two. This clarifies connections between the literatures, and generates novel insights. Several new results are provided for the baseline STW and DGP models, while the integrated structure generates even more interesting outcomes, including endogenous transactions patterns and belief-based dynamics. (C) 2014 Elsevier Inc. All rights reserved.