On the micro-foundations of money : the Capitol Hill Baby-Sitting Co-op
AbstractThis 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 InfoPaper provided by Hamburg Institute of International Economics (HWWA) in its series HWWA Discussion Papers with number 255.
Date of creation: 2003
Date of revision:
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Web page: http://www.econstor.eu/handle/10419/20
More information through EDIRC
micro foundations of money; optimal; quantity of money;
Other versions of this item:
- Thorsten Hens & Klaus Reiner Schenk-Hoppé & Bodo Vogt, 2003. "On the Micro-foundations of Money: The Capitol Hill Baby-Sitting Co-op," Discussion Papers 03-35, University of Copenhagen. Department of Economics.
- Thorsten Hens & Klaus Reiner Schenk-Hoppé & Bodo Vogt, . "On the Micro-foundations of Money: The Capitol Hill Baby-Sitting Co-op," IEW - Working Papers 108, Institute for Empirical Research in Economics - University of Zurich.
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
- E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
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