General Preferences for Consumption Goods in the Random Matching Model of Commodity Money
AbstractThis paper generalizes the original random matching model of money by Kiyotaki and Wright (1989) (KW) in two aspects: first, the economy is characterized by an arbitrary distribution of agents who specialize in producing a particular consumption good; and second, these agents have preferences such that they want to consume any good with some probability. The results depend crucially on the size of the fraction of producers of each good and the probability with which different agents want to consume each good. KW and other related models are shown to be parameterizations of this more general one.
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Bibliographic InfoPaper provided by Barcelona Graduate School of Economics in its series Working Papers with number 69.
Date of creation: Sep 2003
Date of revision:
Commodity money; random matching;
Other versions of this item:
- Xavier Cuadras Morató, 2003. "General preferences for consumption goods in the random matching model of commodity money," Economics Working Papers 706, Department of Economics and Business, Universitat Pompeu Fabra.
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- E00 - Macroeconomics and Monetary Economics - - General - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Xavier Cuadras-Morato & Randall Wright, .
"On Money as a Medium of Exchange When Goods Vary by Supply and Demand,"
CARESS Working Papres
97-1, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
- Xavier Cuadras & Randall Wright, 1996. "On money as a medium of exchange when goods vary by supply and demand," Economics Working Papers 160, Department of Economics and Business, Universitat Pompeu Fabra.
- Cuadras-Morat , Xavier & Wright, Randall, 1997. "Money As A Medium Of Exchange When Goods Vary By Supply And Demand," Macroeconomic Dynamics, Cambridge University Press, vol. 1(04), pages 680-700, December.
- Wright, Randall, 1995. "Search, evolution, and money," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 181-206.
- Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August.
- repec:cup:macdyn:v:1:y:1997:i:4:p:680-700 is not listed on IDEAS
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