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On Random Matching, Monetary Equilibria, And Sunspots

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  • Ennis, Huberto M.

Abstract

We study comparative statics results for the steady-state monetary equilibria of a simple random matching model of money with endogenous prices and no extrinsic uncertainty. Some of the results appear counterintuitive (both when take-it-or-leave-it offer or when Nash–Rubinstein bargaining is used in the model). Consistency of the equilibrium expectations causes the partial equilibrium intuitions to be reversed. We then proceed to apply the new insights to the analysis of sunspot equilibria in these type of models of bilateral trade with money.

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  • Ennis, Huberto M., 2001. "On Random Matching, Monetary Equilibria, And Sunspots," Macroeconomic Dynamics, Cambridge University Press, vol. 5(1), pages 132-142, February.
    • Handle: RePEc:cup:macdyn:v:5:y:2001:i:01:p:132-142_01
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    1. repec:hal:spmain:info:hdl:2441/4kidd5kmrd8huad84htlv8ih5r is not listed on IDEAS
    2. Rocheteau, Guillaume & Wright, Randall, 2013. "Liquidity and asset-market dynamics," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 275-294.
    3. Aruoba, S. Boragan & Waller, Christopher J. & Wright, Randall, 2011. "Money and capital," Journal of Monetary Economics, Elsevier, vol. 58(2), pages 98-116, March.
    4. Burdett, Kenneth & Trejos, Alberto & Wright, Randall, 2017. "A new suggestion for simplifying the theory of money," Journal of Economic Theory, Elsevier, vol. 172(C), pages 423-450.
    5. Maurizio Iacopetta, 2019. "The emergence of money: a dynamic analysis," SciencePo Working papers Main hal-03403573, HAL.
    6. Trejos, Alberto & Wright, Randall, 2016. "Search-based models of money and finance: An integrated approach," Journal of Economic Theory, Elsevier, vol. 164(C), pages 10-31.
    7. Ennis, H.M.Huberto M., 2004. "Macroeconomic fluctuations and bargaining," Journal of Economic Theory, Elsevier, vol. 115(2), pages 322-340, April.
    8. Iacopetta, Maurizio, 2019. "The Emergence Of Money: A Dynamic Analysis," Macroeconomic Dynamics, Cambridge University Press, vol. 23(7), pages 2573-2596, October.
    9. Maurizio Iacopetta, 2019. "The emergence of money: a dynamic analysis," Post-Print hal-03403573, HAL.
    10. Rocheteau, Guillaume & Wang, Lu, 2023. "Endogenous liquidity and volatility," Journal of Economic Theory, Elsevier, vol. 210(C).

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