La quantité optimale de monnaie dans un modèle avec appariements aléatoires
AbstractThis 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 InfoArticle provided by ENSAE in its journal Annals of Economics and Statistics.
Volume (Year): (2000)
Issue (Month): 58 ()
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- Aleksander Berentsen & Guillaume Rocheteau & Shouyong Shi, 2007.
"Friedman Meets Hosios: Efficiency in Search Models of Money,"
Royal Economic Society, vol. 117(516), pages 174-195, 01.
- Aleksander Berentsen & Guillaume Rocheteau & Shouyong Shi, . "Friedman Meets Hosios: Efficiency in Search Models of Money," IEW - Working Papers 154, Institute for Empirical Research in Economics - University of Zurich.
- Aleksander Berentsen & Guillaume Rocheteau & Shouyong Shi, 2002. "Friedman Meets Hosios: Efficiency in Search Models of Money," Working Papers shouyong-02-04, University of Toronto, Department of Economics.
- Aleksander Berentsen & Guillaume Rocheteau & Shouyong Shi, 2004. "Friedman meets Hosios: efficiency in search models of money," Working Paper 0408, Federal Reserve Bank of Cleveland.
- Guillaume Rocheteau & Randall Wright, 2003. "Inflation and Welfare in Models with Trading Frictions," PIER Working Paper Archive 03-032, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
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