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.
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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
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- E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
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"Stationarity without Degeneracy in a Model of Commodity Money,"
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- Lagos, Ricardo & Wright, Randall, 2003.
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- 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.
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