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Equilibrium price dispersion in a matching model with divisible money

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Author Info
Kamiya, K.
Sato, T. (Tilburg University, Center for Economic Research)
Abstract

The main purpose of this paper is to show that, for any given parameter values, an equilibrium with dispersed prices (two-price equilibrium) exists in a simple matching model with divisible money presented by Green and Zhou (1998). We also show that our two-price equilibrium is unique in certain environments. Moreover, the welfare effect of price dispersion is analysed.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 118.

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Date of creation: 2002
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Handle: RePEc:dgr:kubcen:2002118

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Find related papers by JEL classification:
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General

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  1. Akihiko Matsui & Takashi Shimizu, 2000. "A Theory of Money with Market Places," CIRJE F-Series CIRJE-F-92, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  2. Shouyong Shi, 1997. "A Divisible Search Model of Fiat Money," Econometrica, Econometric Society, vol. 65(1), pages 75-102, January.
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  3. Shouyong Shi, 1995. "Money and Prices: A Model of Search and Bargaining," Working Papers 916, Queen's University, Department of Economics.
    Other versions:
  4. Camera, Gabriele & Corbae, Dean, 1999. "Money and Price Dispersion," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(4), pages 985-1008, November.
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  5. Green, Edward J. & Zhou, Ruilin, 1998. "A Rudimentary Random-Matching Model with Divisible Money and Prices," Journal of Economic Theory, Elsevier, vol. 81(2), pages 252-271, August. [Downloadable!] (restricted)
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  6. 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. [Downloadable!] (restricted)
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