A uniqueness proof for monetary steady state

• 成果类型: Article
• 署名作者: Wright, Randall
• 署名单位: University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2009.11.004
• 发表日期: 2010
• 页码: 382-391
• 关键词: Monetary equilibrium; uniqueness

摘要

The framework in Lagos and Wright (2005) [20] combining decentralized and centralized markets is used extensively in monetary economics. Much is known about that model, but there is a loose end: only under special assumptions about bargaining power or decentralized market preferences has it been shown that the monetary steady state is unique. For general decentralized market utility and bargaining, I prove uniqueness for generic parameters with fiat money, and for all parameters with commodity money. As a corollary, I get monotone comparative statics. (C) 2009 Elsevier Inc. All rights reserved.