An overlapping-generations model with search

• 成果类型: Article
• 署名作者: Zhu, Tao
• 署名单位: Cornell University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2007.01.020
• 发表日期: 2008
• 页码: 318-331
• 关键词: overlapping-generations; search; money creation; golden rule

摘要

Search is embedded in an overlapping-generations model. The young participate in a centralized market, and then are matched in pairs in a decentralized market. The old only participate in the centralized market. If the buyer's bargaining power in pairwise trade is close to unity and if the old are risk averse, then the golden-rule rate of money transfer is positive. Such risk aversion, the pairwise meetings, and dependence of the young's saving on the rate of return are necessary for this result. (C) 2007 Elsevier Inc. All rights reserved.