Lack-of-recall and centralized monetary trade

• 成果类型: Article
• 署名作者: Temzelides, T; Yu, JL
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Princeton University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.0020-6598.2004.00303.x
• 发表日期: 2004
• 页码: 1221-1227
• 关键词: exchange; money

摘要

We introduce lack-of-recall of past transactions as an alternative assumption to anonymity in a model where trade is centralized. In environments where there is an intertemporal lack-of-double-coincidence of wants problem and lack-of-commitment, lack-of-recall can give rise to monetary equilibria that dominate nonmonetary outcomes in terms of welfare.