A uniqueness proof for monetary steady state
AbstractThe framework in Lagos and Wright (2005)  combining decentralized and centralized markets is used extensively in monetary economics. Much is known about that model, but there is a loose end: only under special assumptions about bargaining power or decentralized market preferences has it been shown that the monetary steady state is unique. For general decentralized market utility and bargaining, I prove uniqueness for generic parameters with fiat money, and for all parameters with commodity money. As a corollary, I get monotone comparative statics.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 145 (2010)
Issue (Month): 1 (January)
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/622869
Monetary equilibrium Uniqueness;
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Williamson, Stephen D. & Wright, Randall, 2010.
"New Monetarist Economics: Methods,"
21486, University Library of Munich, Germany.
- Venky Venkateswaran & Randall Wright, 2013.
"Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity,"
in: NBER Macroeconomics Annual 2013, Volume 28
National Bureau of Economic Research, Inc.
- Venky Venkateswaran & Randall Wright, 2013. "Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity," NBER Working Papers 19009, National Bureau of Economic Research, Inc.
- Aleksander Berentsen & Samuel Huber & Alessandro Marchesiani, 2012. "Degreasing the wheels of finance," ECON - Working Papers 101, Department of Economics - University of Zurich.
- Randall Wright & Guillaume Rocheteau, 2011.
"Liquidity and Asset Market Dynamics,"
2011 Meeting Papers
103, Society for Economic Dynamics.
- Yu Zhu & Randall Wright & Chao He, 2012.
"Housing and Liquidity,"
2012 Meeting Papers
94, Society for Economic Dynamics.
- Stephen D. Williamson & Randall Wright, 2010.
"New Monetarist Economics: models,"
443, Federal Reserve Bank of Minneapolis.
- Mei Dong & Janet Hua Jiang, 2011. "Money and Price Posting under Private Information," Working Papers 11-22, Bank of Canada.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If references are entirely missing, you can add them using this form.