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Money Creation in a Random Matching Model

  • Deviatov Alexei

    ()

    (New Economic School)

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    I study money creation in versions of the Trejos-Wright (1995) and Shi (1995) models with indivisible money and individual holdings bounded at two units. I work with the same class of policies as in Deviatov and Wallace (2001), who study money creation in that model. However, I consider an alternative notion of implementability - the ex ante pairwise core. I compute a set of numerical examples to determine whether money creation is beneficial. I find beneficial effects of money creation if individuals are sufficiently risk averse (obtain sufficiently high utility gains from trade) and impatient.

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    File URL: http://www.degruyter.com/view/j/bejm.2007.6.3/bejm.2007.6.3.1499/bejm.2007.6.3.1499.xml?format=INT
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    Article provided by De Gruyter in its journal The B.E. Journal of Macroeconomics.

    Volume (Year): 6 (2006)
    Issue (Month): 3 (December)
    Pages: 1-20

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    Handle: RePEc:bpj:bejmac:v:topics.6:y:2006:i:3:n:5
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