Multiplicity of monetary steady states

•We study a variant of the Lagos-Wright framework.•We assume that the decentralized market opens twice in each period.•We show that there may be multiple equilibria.•The multiplicity comes from the nonconcavity of the value function.

We investigate a monetary model in which the centralized market opens once, but the decentralized markets open twice in each period. We show that there may be multiple stationary equilibria.