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La quantité optimale de monnaie dans un modèle avec appariements aléatoires

  • Guillaume ROCHETEAU

This article determines the optimum quantity of money for various extensions of the search-theoretic model of fiat money and examines the robustness of the Kiyotaki and Wright's results in the presence of money and inventory holdings. In the case of a bound on money holdings, the optimum quantity of money is reached when the distribution of money among agents is uniform. The choice of this upper bound by rational agents generates multiple equilibria.

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File URL: http://www.jstor.org/stable/20076229
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Article provided by ENSAE in its journal Annals of Economics and Statistics.

Volume (Year): (2000)
Issue (Month): 58 ()
Pages: 101-142

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Handle: RePEc:adr:anecst:y:2000:i:58:p:04
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