Money and banking in search equilibrium

• 成果类型: Article
• 署名作者: He, P; Huang, LX; Wright, R
• 署名单位: University of Pennsylvania; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; City University of Hong Kong
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2005.00339.x
• 发表日期: 2005
• 页码: 637-670
• 关键词: private; MODEL; intermediation; exchange

摘要

We develop anew theory of money and banking based on the old story in which goldsmiths start accepting deposits for safe keeping, then their liabilities begin circulating as media of exchange, then they begin making loans. We first discuss the history. We then present a model where agents can open bank accounts and write checks. The equilibrium means of payment may be cash, checks, or both. Sometimes multiple equilibria exist. Introducing banks increases the set of parameters for which money is valued-thus, money and banking are complements. We also derive a microfounded version of the usual money multiplier.