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Equilibrium Concepts in the Large Household Model

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  • Zhu, Tao

    (Cornell U)

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    Abstract

    This paper formulates two alternative equilibrium concepts in the large household model: one which allows individual household agents to make choices in their separate meetings, and the other which commits individual household agents to contingent actions prior to their meetings. In the first formulation, large converts a model with nonlinear preferences for the household into one with quasi-linear preferences for the individual household's agents, which is critical to make degeneracy--all households experience the same distribution of meeting outcomes--as an equilibrium; in the second formulation, commitment instead of large is the critical factor.

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    Bibliographic Info

    Paper provided by Cornell University, Center for Analytic Economics in its series Working Papers with number 07-01.

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    Date of creation: Jan 2007
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    Handle: RePEc:ecl:corcae:07-01

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    1. Ricardo Lagos & Randall Wright, 2002. "A unified framework for monetary theory and policy analysis," Working Paper 0211, Federal Reserve Bank of Cleveland.
    2. Merz, Monika, 1995. "Search in the labor market and the real business cycle," Journal of Monetary Economics, Elsevier, vol. 36(2), pages 269-300, November.
    3. Shi, Shouyong, 1999. "Search, inflation and capital accumulation," Journal of Monetary Economics, Elsevier, vol. 44(1), pages 81-103, August.
    4. 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.
    5. Shouyong Shi, 1996. "A Divisible Search Model of Fiat Money," Working Papers 930, Queen's University, Department of Economics.
    6. Wallace, Neil & Zhu, Tao, 2004. "A commodity-money refinement in matching models," Journal of Economic Theory, Elsevier, vol. 117(2), pages 246-258, August.
    7. Bernhard Rauch, 2000. "A Divisible Search Model of Fiat Money: A Comment," Econometrica, Econometric Society, vol. 68(1), pages 149-156, January.
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