کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5100055 1478733 2017 53 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
A new suggestion for simplifying the theory of money
ترجمه فارسی عنوان
پیشنهاد جدید برای ساده سازی نظریه پول
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
We propose a new search-theoretic model of monetary exchange with indivisible assets, based on price posting instead of bargaining, and incorporating noisy search. This yields some familiar results, plus a lot more. The model admits multiple steady states due to the self-referential nature of liquidity. It admits cyclic, chaotic and stochastic equilibria, and compared to bargaining versions, the dynamics are more general and have better microfoundations. It generates price dispersion, with interesting efficiency implications, plus sticky prices and rational inattention. Parametric examples yield closed-form solutions. Based on these results, we suggest this should become a benchmark model in monetary economics.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 172, November 2017, Pages 423-450
نویسندگان
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