Existence of a monetary steady state in a matching model: indivisible money

• 成果类型: Article
• 署名作者: Zhu, T
• 署名单位: Cornell University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00132-7
• 发表日期: 2003
• 页码: 307-324
• 关键词: matching model; indivisible money; steady states; existence theorem

摘要

Existence of a monetary steady state is established for a random matching model with divisible goods, indivisible money, an arbitrary bound on individual money holdings, and take-it-or-leave-it offers by consumers. The background environment is that in papers by Shi and by Trejos and Wright. The monetary steady state shown to exist has nice properties: the value function, defined on money holdings, is strictly increasing and strictly concave, and the measure over money holdings has full support. (C) 2003 Published by Elsevier Science (USA).