Search, bargaining, money and prices: recent results and policy implications
AbstractRecently, the search-theoretic approach to monetary economics has been generalized to incorporate bilateral bargaining theory in order to determine the purchasing power of money endogenously (the first-generation of models in this literature essentially assume that prices are fixed exogenously). The authors review these results. They then use the model to address a variety of issues in monetary economics. The authors analyze the relationships between monetary and real variables, including velocity, output, and welfare. They also discuss several aspects of monetary policy, including the effects of randomness in the money supply process. Copyright 1993 by Ohio State University Press.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Cleveland in its journal Proceedings.
Volume (Year): (1993)
Issue (Month): ()
Other versions of this item:
- Trejos, Alberto & Wright, Randall, 1993. "Search, Bargaining, Money and Prices: Recent Results and Policy Implications," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(3), pages 558-76, August.
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- Gomis-Porqueras, Pedro & Peralta-Alva, Adrian, 2010.
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- Wright, Randall, 1995. "Search, evolution, and money," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 181-206.
- Derek Laing & Victor E. Li & Ping Wang, 2000. "Inflation, trade frictions, and productive activity in a multiple-matching model of money," Working Paper 2000-28, Federal Reserve Bank of Atlanta.
- Victor E. Li, 2001. "Is why we use money important?," Economic Review, Federal Reserve Bank of Atlanta, issue Q1, pages 17-30.
- Wright, Randall & Trejos, Alberto, 2014. "Search-Based Models of Money and Finance: An Integrated Approach," Working Papers 709, Federal Reserve Bank of Minneapolis.
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