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Existence of Monetary Steady States in a Matching Model: Indivisible Money

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  • Zhu, Tao

    (Pennsylvania State U)

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Abstract

Existence of a monetary steady state is established for a random matching model with divisible goods, indivisible money, and take-it-or-leave-it offers by consumers. There is no restriction on individual money holdings. The background environment is that in papers by Shi and by Trejos and Wright. The monetary steady state shown to exist has nice properties: the value function, defined on money holdings, is increasing and strictly concave, and the measure over money holdings has full support.

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File URL: http://econ.la.psu.edu/papers/zhu%285-02-1%29.pdf
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Bibliographic Info

Paper provided by Pennsylvania State University, Department of Economics in its series Working Papers with number 5-02-1.

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Date of creation: May 2002
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Handle: RePEc:ecl:peneco:5-02-1

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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. Ruilin Zhou, 1996. "Individual and aggregate real balances in a random matching model," Staff Report, Federal Reserve Bank of Minneapolis 222, Federal Reserve Bank of Minneapolis.
  3. Taber, Alexander & Wallace, Neil, 1999. "A Matching Model with Bounded Holdings of Indivisible Money," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(4), pages 961-84, November.
  4. Shouyong Shi, 1995. "Money and Prices: A Model of Search and Bargaining," Working Papers, Queen's University, Department of Economics 916, Queen's University, Department of Economics.
  5. Edward J. Green & Ruilin Zhou, . ""A Rudimentary Model of Search with Divisible Money and Prices''," CARESS Working Papres, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences 95-17, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
  6. 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, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(4), pages 985-1008, November.
  7. Edward J. Green & Ruilin Zhou, 2002. "Dynamic Monetary Equilibrium in a Random Matching Economy," Econometrica, Econometric Society, Econometric Society, vol. 70(3), pages 929-969, May.
  8. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 97(4), pages 927-54, August.
  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, 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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Cited by:
  1. Wallace, Neil, 2003. "Modeling small change: a review article," Journal of Monetary Economics, Elsevier, Elsevier, vol. 50(6), pages 1391-1401, September.

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