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Non-robustness of the Cash-in-Advance Equilibrium in the Trading-Post Model

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  • Krishna, R. Vijay

    (Pennsylvania State U)

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    Abstract

    The main justification for cash-in-advance (CIA) equilibria when there are multiple assets is a Shapley-Shubik trading-post model where the agents coordinate on a particular medium of exchange. Of course, there are other equilibria. We introduce a refinement and show that the CIA equilibrium does not satisfy our refinement while there exist equilibria that do.

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    Bibliographic Info

    Paper provided by Pennsylvania State University, Department of Economics in its series Working Papers with number 9-03-2.

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    Date of creation: Sep 2003
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    Handle: RePEc:ecl:peneco:9-03-2

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    1. Fumio Hayashi & Akihiko Matsui, 1994. "A Model of Fiat Money and Barter," NBER Working Papers 4919, National Bureau of Economic Research, Inc.
    2. Howitt, P W, 1974. "Stability and the Quantity Theory," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 133-51, Jan.-Feb..
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