Discrete time dynamics in a random matching monetary model
AbstractUnder 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.
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 Springer in its journal Economic Theory.
Volume (Year): 20 (2002)
Issue (Month): 2 ()
Note: Received: January 18, 2001; revised version: May 25, 2001
Contact details of provider:
Web page: http://link.springer.de/link/service/journals/00199/index.htm
Find related papers by JEL classification:
- E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Huang, Pidong, 2013. "Robustness of Stability to cost of carrying money in a Matching Model of Money," MPRA Paper 46625, University Library of Munich, Germany.
- Huang, Pidong & Igarashi, Yoske, 2013.
"Trejos-Wright with a 2-unit bound: existence and stability of monetary steady states,"
46624, University Library of Munich, Germany.
- Huang, Pidong & Igarashi, Yoske, 2013. "Trejos-Wright with a 2-unit bound: existence and stability of monetary steady states," MPRA Paper 51205, University Library of Munich, Germany.
- Pidong Huang & Yoske Igarashi, 2013. "Trejos-Wright with a 2-unit bound: existence and stability of monetary steady states," Discussion Papers 1311, Exeter University, Department of Economics.
- 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.
- Ricardo Lagos & Randall Wright, 2002. "Dynamics, cycles and sunspot equilibria in "genuinely dynamic, fundamentally disaggregative" models of money," Working Paper 0210, Federal Reserve Bank of Cleveland.
- Pidong Huang & Yoske Igarashi, 2013.
"Why Ten $1’s Are Not Treated as a $10,"
1310, Exeter University, Department of Economics.
- de O. Cavalcanti, Ricardo & Puzzello, Daniela, 2009.
"Stationarity without Degeneracy in a Model of Commodity Money,"
17125, University Library of Munich, Germany.
- R. O. Cavalcanti & Daniela Puzzello, 2010. "Stationarity without degeneracy in a model of commodity money," Economic Theory, Springer, vol. 43(2), pages 263-280, May.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn) or (Christopher F Baum).
If references are entirely missing, you can add them using this form.