On the multiplicity of monetary equilibria: Green-Zhou meets Lagos-Wright

• 成果类型: Article
• 署名作者: Jean, Kasie; Rabinovich, Stanislav; Wright, Randall
• 署名单位: University of Pennsylvania; University of Wisconsin System; University of Wisconsin Madison
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2009.03.006
• 发表日期: 2010
• 页码: 392-401
• 关键词: money; search; indeterminacy; multiplicity

摘要

Green and Zhou relax the assumption, made in early search-based models of monetary exchange, of indivisible money. Their paper and various extensions make much technical progress, and derive some interesting substantive results. In particular, they show there is ail indeterminacy of steady-state monetary equilibria. We reconsider this result in the framework of Lagos and Wright, which is more tractable. We show that a similar multiplicity arises, and is much easier to derive and understand. We also compare the results to those in related nonmonetary models, and discuss how they depend oil details, including the number of agents and the timing. (C) 2009 Elsevier Inc. All rights reserved.