A comment on: Efficient propagation of shocks and the optimal return on money

• 成果类型: Editorial Material
• 署名作者: Huang, Pidong; Igarashi, Yoske
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2011.11.005
• 发表日期: 2012
• 页码: 382-388
• 关键词: Random matching model of money; Aggregate shock; Optimal allocation; History-dependence; lottery

摘要

Lotteries are introduced into Cavalcanti and Erosa (2008) [2], a version of Trejos and Wright (1995) [4] with aggregate shocks. Lotteries improve welfare and eliminate the two notable features of the optimum with deterministic trades: over-production and history-dependence. Moreover, the optimum can be supported by buyer take-it-or-leave-it offers. (C) 2011 Elsevier Inc. All rights reserved.