Bargains, Barter and Money
AbstractWe examine a search money model in which there is a symmetric coincidence of wants in all barter matches. However, when bargaining outcomes are asymmetric across matches, the barter economy is inefficient. Then a robust monetary equilibrium exists provided that money holders enjoy adequate bargaining terms. Fiat money may be welfare inproving. In contrast to the literature, it is the assymmetry in bargains across matches rather than asymmetry in demands that generates these results. (Copyright: Elsevier)
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Bibliographic InfoArticle provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.
Volume (Year): 4 (2001)
Issue (Month): 1 (January)
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Find related papers by JEL classification:
- C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
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