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An Overlapping-Generations Model with Search

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  • Zhu, Tao

    (Cornell U)

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    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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    Bibliographic Info

    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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    1. Abel, Andrew B., 1987. "Optimal monetary growth," Journal of Monetary Economics, Elsevier, vol. 19(3), pages 437-450, May.
    2. Jonathan Chiu & Miguel Molico, 2011. "Uncertainty, Inflation, and Welfare," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43, pages 487-512, October.
    3. David K. Levine, 1991. "Asset Trading Mechanisms and Expansionary Policy," Levine's Working Paper Archive 43, David K. Levine.
    4. 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.
    5. Williamson, Steve & Wright, Randall, 1994. "Barter and Monetary Exchange under Private Information," American Economic Review, American Economic Association, vol. 84(1), pages 104-23, March.
    6. Alexei Deviatov, 2004. "Money creation in a random matching model," Money Macro and Finance (MMF) Research Group Conference 2003 24, Money Macro and Finance Research Group.
    7. 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.
    8. Bennett T. McCallum, 1982. "The Role of Overlapping-Generations Models in Monetary Economics," NBER Working Papers 0989, National Bureau of Economic Research, Inc.
    9. Miguel Molico, 2006. "The Distribution Of Money And Prices In Search Equilibrium," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(3), pages 701-722, 08.
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