MONEY HOLDINGS, INFLATION, AND WELFARE IN A COMPETITIVE MARKET

• 成果类型: Article
• 署名作者: Dressler, Scott J.
• 署名单位: Villanova University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2011.00633.x
• 发表日期: 2011
• 页码: 407-423
• 关键词: monetary steady-state; matching model; search; equilibrium; EXISTENCE

摘要

This article examines an environment where money is essential and agents exchange in perfectly competitive, Walrasian markets. Agents consume and produce a homogeneous good, but hold money to purchase consumption in the event of a relatively low productivity shock. A Walrasian market delivers a nondegenerate distribution of money holdings across agents and avoids some of the computational difficulties associated with the market assumption of bilateral bargaining common to search-theoretic environments. The model is calibrated to long-run U.S. velocity, and the welfare costs of inflation are assessed for variable buyer-seller ratios and persistent states of buying and selling.