Money and Memory: Implicit Agents in Search Theories of Money
AbstractRecent search theoretical models of monetary economies promise micro-foundations and thus a decisive improvement in the theory of money compared to the traditional mainstream approach that starts from a Walrasian general equilibrium framework to introduce money exogenously at the macro level. The promise of micro-foundations is not fulfilled, however. It can be shown that search models implicitly refer to central, most likely collective, agents doing essential work to sustain the monetary economy.
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Bibliographic InfoPaper provided by University of Kassel, Institute of Economics in its series papers on agent-based economics with number 1.
Length: 17 pages
Date of creation: Jul 2010
Date of revision:
micro-foundations; multi-agent modelling; model; macro; monetary economy; money; information; network;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-01-23 (All new papers)
- NEP-CBA-2011-01-23 (Central Banking)
- NEP-DGE-2011-01-23 (Dynamic General Equilibrium)
- NEP-HPE-2011-01-23 (History & Philosophy of Economics)
- NEP-MAC-2011-01-23 (Macroeconomics)
- NEP-MON-2011-01-23 (Monetary Economics)
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Money and Memory: Implicit Agents in Search Theories of Money
by Christian Zimmermann in NEP-DGE blog on 2011-01-31 02:46:48
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