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General preferences for consumption goods in the random matching model of commodity money

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Abstract

This paper generalizes the original random matching model of money by Kiyotaki and Wright (1989) (KW) in two aspects: first, the economy is characterized by an arbitrary distribution of agents who specialize in producing a particular consumption good; and second, these agents have preferences such that they want to consume any good with some probability. The results depend crucially on the size of the fraction of producers of each good and the probability with which different agents want to consume each good. KW and other related models are shown to be parameterizations of this more general one.

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Bibliographic Info

Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 706.

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Date of creation: Sep 2003
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Handle: RePEc:upf:upfgen:706

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Web page: http://www.econ.upf.edu/

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Keywords: Commodity money; random matching; general preferences;

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  1. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August.
  2. Wright, Randall, 1995. "Search, evolution, and money," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 181-206.
  3. repec:cup:macdyn:v:1:y:1997:i:4:p:680-700 is not listed on IDEAS
  4. Xavier Cuadras & Randall Wright, 1996. "On money as a medium of exchange when goods vary by supply and demand," Economics Working Papers 160, Department of Economics and Business, Universitat Pompeu Fabra.
  5. Cuadras-Morat , Xavier & Wright, Randall, 1997. "Money As A Medium Of Exchange When Goods Vary By Supply And Demand," Macroeconomic Dynamics, Cambridge University Press, vol. 1(04), pages 680-700, December.
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