کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
985550 1480826 2010 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Existence of a continuum of equilibria in a monetary random-matching model
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Existence of a continuum of equilibria in a monetary random-matching model
چکیده انگلیسی
In this paper, we study a monetary random-matching model where both goods and money are perfectly divisible, production is costly, and there is no exogenous upper bound on agents' money holdings, information on which is private to the agent. We show that there is a continuum of stationary equilibria where agents have either no money or a set amount, and buyers spend all their money. As in the previous studies, the equilibrium value function is step-like, which emerges as a self-fulfilling prophecy. The endogenous upper bound on agents' money holdings is the result of private information on agents' money holdings. Buyers post an offer that is accepted only by sellers without money, who set a higher value on money.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Economic Dynamics - Volume 13, Issue 4, October 2010, Pages 886-898
نویسندگان
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