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La quantité optimale de monnaie dans un modèle avec appariements aléatoires

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  • Guillaume ROCHETEAU

Abstract

This article determines the optimum quantity of money for various extensions of the search-theoretic model of fiat money and examines the robustness of the Kiyotaki and Wright's results in the presence of money and inventory holdings. In the case of a bound on money holdings, the optimum quantity of money is reached when the distribution of money among agents is uniform. The choice of this upper bound by rational agents generates multiple equilibria.

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Bibliographic Info

Article provided by ENSAE in its journal Annals of Economics and Statistics.

Volume (Year): (2000)
Issue (Month): 58 ()
Pages: 101-142

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Handle: RePEc:adr:anecst:y:2000:i:58:p:04

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Cited by:
  1. Guillaume Rocheteau & Randall Wright, 2003. "Inflation and Welfare in Models with Trading Frictions," PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania 03-032, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  2. Aleksander Berentsen & Guillaume Rocheteau & Shouyong Shi, 2002. "Friedman Meets Hosios: Efficiency in Search Models of Money," Working Papers, University of Toronto, Department of Economics shouyong-02-04, University of Toronto, Department of Economics.

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