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Discrete time dynamics in a random matching monetary model

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Author Info

  • Hector Lomeli

    () (Department of Mathematics, ITAM, Mexico City, MEXICO)

  • Ted Temzelides

    () (Department of Economics, University of Iowa, IA 52242, USA)

Abstract

Under take-it-or-leave-it offers, dynamic equilibria in the discrete time random matching model of money are a "translation" of dynamic equilibria in the standard overlapping generations model. This formalizes earlier conjectures about the equivalence of dynamic behavior in the two models and implies the indeterminacy of dynamic equilibria in the random matching model. As in the overlapping generations model, the indeterminacy disappears if an arbitrarily small utility to holding money is introduced. We introduce a different pricing mechanism, one that puts into sharp focus that agents are forward-looking when they interact.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 20 (2002)
Issue (Month): 2 ()
Pages: 259-269

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Handle: RePEc:spr:joecth:v:20:y:2002:i:2:p:259-269

Note: Received: January 18, 2001; revised version: May 25, 2001
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Related research

Keywords: Monetary equilibrium; Dynamics; Topological conjugacy.;

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Cited by:
  1. de O. Cavalcanti, Ricardo & Puzzello, Daniela, 2009. "Stationarity without Degeneracy in a Model of Commodity Money," MPRA Paper 17125, University Library of Munich, Germany.
  2. Lagos, Ricardo & Wright, Randall, 2003. "Dynamics, cycles, and sunspot equilibria in 'genuinely dynamic, fundamentally disaggregative' models of money," Journal of Economic Theory, Elsevier, vol. 109(2), pages 156-171, April.

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