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On the Micro-foundations of Money: The Capitol Hill Baby-Sitting Co-op

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Author Info

  • Thorsten Hens

    (University of Zurich)

  • Klaus Reiner Schenk-Hoppé

    (University of Copenhagen Institute of Economics)

  • Bodo Vogt

    (University of Bielefeld)

Abstract

This paper contributes to the micro-foundation of money in centralized markets with idiosyncratic uncertainty. It shows existence of stationary monetary equilibria and ensures that there is an optimum quantity of money. The rational solution of our model is compared with actual behavior in a laboratory experiment. The experiment gives support to the theoretical approach.

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Bibliographic Info

Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 03-35.

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Length: 20 pages
Date of creation: Jun 2003
Date of revision:
Handle: RePEc:kud:kuiedp:0335

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Keywords: micro foundations of money; optimal quantity of money;

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