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On the Existence of Single-Price Equilibria in a Matching Model with Divisible Money and Production Cost

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  • Kazuya Kamiya

    (Faculty of Economics, The University of Tokyo)

  • Noritsugu Morishita

    (Kaichi High School)

  • Takashi Shimizu

    (Faculty of Economics, Kansai University)

Abstract

This paper investigates Zhou [4]'s money search model, where money is divisible, agents can hold any amount of money, and production of goods is costly, and presents a sufficient condition, expressed in terms of exogenously given parameters, for the existence of single-price equilibria.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2004/2004cf283.pdf
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Bibliographic Info

Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-283.

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Length: 15 pages
Date of creation: Jun 2004
Date of revision:
Handle: RePEc:tky:fseres:2004cf283

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References

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  1. Ruilin Zhou, 1996. "Individual and Aggregate Real Balances in a Random Matching Model," GE, Growth, Math methods, EconWPA 9612001, EconWPA, revised 23 Dec 1996.
  2. 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.
  3. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 97(4), pages 927-54, August.
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Cited by:
  1. Kazuya Kamiya & Takashi Shimizu, 2004. "Real Indeterminacy of Stationary Equilibria in Matching Models with Media of Exchange," CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo CIRJE-F-167, CIRJE, Faculty of Economics, University of Tokyo.
  2. Kazuya Kamiya & Takashi Shimizu, 2005. "On the Role of Tax-Subsidy Scheme in Money Search Models (Subsequently published in "International Economic Review" 48, 2007, 575-606. )," CARF F-Series, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo CARF-F-025, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
  3. Kazuya Kamiya & Takashi Shimizu, 2005. "Real Indeterminacy of Stationary Equilibria in Matching Models with Divisible Money," CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo CIRJE-F-390, CIRJE, Faculty of Economics, University of Tokyo.
  4. Kazuya Kamiya & Takashi Shimizu, 2007. "On The Role Of Tax Subsidy Scheme In Money Search Models," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 48(2), pages 575-606, 05.

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