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Money and price dynamics in a market with strategic bargaining

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  • Noritaka Kudoh

    ()
    (Hokkaido University)

Abstract

This paper studies a strategic bargaining model of money and prices to complement the results reported in Coles and Wright (1998). The probability of a bargaining breakdown is chosen to be consistent with market conditions in the spirit of Rubinstein and Wolinsky (1985). The unique monetary steady state coincides with the one under asymmetric Nash bargaining. The dynamics of the price level are determined without any reference to the value of search. The dynamic properties of the model resemble those of traditional monetary models.

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File URL: http://www.accessecon.com/Pubs/EB/2010/Volume30/EB-10-V30-I1-P66.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 30 (2010)
Issue (Month): 1 ()
Pages: 709-719

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Handle: RePEc:ebl:ecbull:eb-10-00015

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Keywords: money; bargaining; price dynamics.;

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  1. Arial Rubinstein & Asher Wolinsky, 1985. "Equilibrium in a Market with Sequential Bargaining," Levine's Working Paper Archive 623, David K. Levine.
  2. Ariel Rubinstein, 2010. "Perfect Equilibrium in a Bargaining Model," Levine's Working Paper Archive 252, David K. Levine.
  3. Coles, Melvyn G. & Wright, Randall, 1998. "A Dynamic Equilibrium Model of Search, Bargaining, and Money," Journal of Economic Theory, Elsevier, Elsevier, vol. 78(1), pages 32-54, January.
  4. Brock, William A., 1975. "A simple perfect foresight monetary model," Journal of Monetary Economics, Elsevier, Elsevier, vol. 1(2), pages 133-150, April.
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