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Output, Prices, and the Velocity of Money in Search Equilibrium

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Author Info
 Jafarey, Saqib
Masters, Adrian

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Abstract

A monetary-search model with match specific preferences and traded quantities is analyzed to assess how aggregate output, the price level, and the velocity of money are affected by various forms of technological change. Changes in the productive technology lead to output and prices moving in opposite directions but provide no prediction for monetary velocity. The matching technology directly affects monetary velocity and output but has little impact on prices. Transactions technologies, which affect the fixed cost of trading, are ambiguous with respect to comovements of output and prices but systematically impact velocity.

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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 35 (2003)
Issue (Month): 6 (December)
Pages: 871-88
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Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:6:p:871-88

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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  1. Peter Rupert & Martin Schindler & Andrei Shevchenko & Randall Wright, 2000. "The search-theoretic approach to monetary economics: a primer," Economic Review, Federal Reserve Bank of Cleveland, issue Q IV, pages 10-28. [Downloadable!]
  2. Damien Gaumont & Randall Wright & Martin Schindler, 2005. "Alternative Models of Wage Dispersion," IMF Working Papers 05/64, International Monetary Fund. [Downloadable!]
  3. Randall Wright & Guillame Rocheteau, 2003. "Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium," Levine's Bibliography 666156000000000302, UCLA Department of Economics. [Downloadable!]
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  4. Damien Gaumont & Martin Schindler & Randall Wright, 2005. "Alternative Theories of Wage Dispersion," PIER Working Paper Archive 05-017, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania. [Downloadable!]
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This page was last updated on 2009-12-8.

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