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Intensive vs Extensive Margin Tradeoffs in a Simple Monetary Search Model

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  • LOTZ S.
  • SHEVCHENKO A.
  • WALLER C.

Abstract

We introduce ex-post heterogeneity into monetary search models with lotteries. Heterogeneity allows lotteries over goods to exist in equilibrium. These lotteries over goods create an intensive margin (expected production in a match) that is non-existent in all indivisible goods monetary search models. We then show there can be a tradeoff between the intensive margin and extensive margin (number of matches) when choosing the optimal monetary stock.
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  • Lotz S. & Shevchenko A. & Waller C., 2005. "Intensive vs Extensive Margin Tradeoffs in a Simple Monetary Search Model," Working Papers ERMES 0509, ERMES, University Paris 2.
    • Handle: RePEc:erm:papers:0509
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