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A selection mechanism for the barter equilibrium in the search theoretic monetary model

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Author Info
Nicola Amendola () (University of Rome "Tor Vergata")

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Abstract

We modify the standard Kiyotaki-Wright model (1993) in order to add an autarkic option in the agents' choice set. The value of the autarkic option is independent of strategic coordination problems and represents a sort of reservation utility with respect to exchange activity. This allows us to identify the conditions under which we can rule out the barter equilibrium as an exchange coordination outcome. These conditions concern the value of the inter-temporal rate of preference, the total amount of money and the rate of return of the matching technology.

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File URL: http://economicsbulletin.vanderbilt.edu/2008/volume5/EB-07E00008A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 5 (2008)
Issue (Month): 2 ()
Pages: 1-10
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Handle: RePEc:ebl:ecbull:v:5:y:2008:i:2:p:1-10

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Related research
Keywords: Autarky; Barter; Money; Search;

Find related papers by JEL classification:
E0 - Macroeconomics and Monetary Economics - - General

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  1. Nicola Amendola, 2008. "A "Double Coincidence" Search Model of Money," CEIS Research Paper 126, Tor Vergata University, CEIS, revised 18 Jul 2008. [Downloadable!]
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This page was last updated on 2009-12-12.

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