An Overlapping-Generations Model with Search

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An Overlapping-Generations Model with Search

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Zhu, Tao (Cornell U)

Abstract

Search is embedded in an overlapping-generations model. The young participate in a centralized market, and then are matched in pairs in a decentralized market. The old only participate in the centralized market. If the buyer's bargaining power is sufficiently close to unity in pairwise trade and if the old are risk averse, the golden-rule rate of money transfer is positive. Such risk aversion, the pairwise trade, and dependence of the young's saving on the rate of return are necessary for this result.

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Paper provided by Cornell University, Center for Analytic Economics in its series Working Papers with number 07-09.

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Date of creation: May 2007
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Handle: RePEc:ecl:corcae:07-09

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Find related papers by JEL classification:
E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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David K. Levine, 1991. "Asset Trading Mechanisms and Expansionary Policy," Levine's Working Paper Archive 43, David K. Levine. [Downloadable!]
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Ricardo Lagos & Randall Wright, 2002. "A unified framework for monetary theory and policy analysis," Working Paper 0211, Federal Reserve Bank of Cleveland. [Downloadable!]
Other versions:
- Ricardo Lagos & Randall Wright, 2004. "A unified framework for monetary theory and policy analysis," Staff Report 346, Federal Reserve Bank of Minneapolis. [Downloadable!]
- Ricardo Lagos & Randall Wright, 2005. "A Unified Framework for Monetary Theory and Policy Analysis," Journal of Political Economy, University of Chicago Press, vol. 113(3), pages 463-484, June.
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Other versions:
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McCallum, Bennett T., 1983. "The role of overlapping-generations models in monetary economics," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 18(1), pages 9-44, January. [Downloadable!] (restricted)
Other versions:
- Bennett T. McCallum, 1984. "The Role of Overlapping-Generations Models in Monetary Economics," NBER Working Papers 0989, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Maeda, Yasuo, 1991. "Fiat money in a pairwise-trading, multi-good, overlapping generations model," Journal of Economic Theory, Elsevier, vol. 54(1), pages 84-97, June. [Downloadable!] (restricted)

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