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Real Indeterminacy of Stationary Equilibria in Matching Models with Media of Exchange

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Author Info
Kazuya Kamiya (Faculty of Economics, University of Tokyo)
Takashi Shimizu (Department of Economics, Kansai University)
Abstract

In this paper, it is shown that real indeterminacy of stationary equilibria generically arises in most matching models with perfectly divisible media of exchange. In other words, the real indeterminacy follows from the condition for stationarity of holdings of media of exchange. Moreover, we present a new technique to prove the existence of stationary equilibria; especially, it is applicable to the case that both money and goods are perfectly divisible.

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Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-167.

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Length: 37 pages
Date of creation: Jun 2004
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Handle: RePEc:tky:fseres:2002cf167

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Shouyong Shi, 1997. "A Divisible Search Model of Fiat Money," Econometrica, Econometric Society, vol. 65(1), pages 75-102, January.
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  2. Shouyong Shi, 1995. "Money and Prices: A Model of Search and Bargaining," Working Papers 916, Queen's University, Department of Economics.
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  3. Edward J. Green & Ruilin Zhou, 2002. "Dynamic Monetary Equilibrium in a Random Matching Economy," Econometrica, Econometric Society, vol. 70(3), pages 929-969, May. [Downloadable!] (restricted)
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  4. Herings, P. Jean-Jacques, 1998. "On the existence of a continuum of constrained equilibria1," Journal of Mathematical Economics, Elsevier, vol. 30(3), pages 257-273, October. [Downloadable!] (restricted)
  5. Kehoe, Timothy J & Levine, David K, 1985. "Comparative Statics and Perfect Foresight in Infinite Horizon Economies," Econometrica, Econometric Society, vol. 53(2), pages 433-53, March. [Downloadable!] (restricted)
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  6. Gale, David, 1973. "Pure exchange equilibrium of dynamic economic models," Journal of Economic Theory, Elsevier, vol. 6(1), pages 12-36, February. [Downloadable!] (restricted)
  7. Geanakoplos, John & Mas-Colell, Andreu, 1989. "Real indeterminacy with financial assets," Journal of Economic Theory, Elsevier, vol. 47(1), pages 22-38, February. [Downloadable!] (restricted)
  8. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467. [Downloadable!] (restricted)
  9. Laan, Gerard van der, 1982. "Simplicial approximation of unemployment equilibria," Journal of Mathematical Economics, Elsevier, vol. 9(1-2), pages 83-97, January. [Downloadable!] (restricted)
  10. Green, Edward J. & Zhou, Ruilin, 1998. "A Rudimentary Random-Matching Model with Divisible Money and Prices," Journal of Economic Theory, Elsevier, vol. 81(2), pages 252-271, August. [Downloadable!] (restricted)
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  11. Akihiko Matsui & Takashi Shimizu, 2005. "A Theory Of Money And Marketplaces," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(1), pages 35-59, 02. [Downloadable!] (restricted)
  12. Camera, G. & Corbae, D., 1998. "Money and Price Dispersion," Working Papers 98-03, University of Iowa, Department of Economics.
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  13. Trejos, Alberto & Wright, Randall, 1995. "Search, Bargaining, Money, and Prices," Journal of Political Economy, University of Chicago Press, vol. 103(1), pages 118-41, February. [Downloadable!] (restricted)
  14. Zhou, Ruilin, 2003. "Does commodity money eliminate the indeterminacy of equilibrium?," Journal of Economic Theory, Elsevier, vol. 110(1), pages 176-190, May. [Downloadable!] (restricted)
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  15. Zhou, Ruilin, 1999. "Individual and Aggregate Real Balances in a Random-Matching Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(4), pages 1009-38, November.
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  1. Kamiya, K. & Talman, D., 2003. "Random matching models and money : the global structure and approximation of the set of stationary equilibria," Discussion Paper 70, Tilburg University, Center for Economic Research. [Downloadable!]
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