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Equilibrium Price Dispersion in a Matching Model with Divisible Money

  • Kazuya Kamiya
  • Takashi Sato

The main purpose of this article is to show that, for any given parameter value, an equilibrium with dispersed prices (two-price equilibrium) exists in Green and Zhou's matching model with divisible money. The welfare effect of price dispersion is also analyzed. Copyright 2004 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.

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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 45 (2004)
Issue (Month): 2 (05)
Pages: 413-430

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Handle: RePEc:ier:iecrev:v:45:y:2004:i:2:p:413-430
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  1. Akihiko Matsui & Takashi Shimizu, 2000. "A Theory of Money with Market Places," CIRJE F-Series CIRJE-F-92, CIRJE, Faculty of Economics, University of Tokyo.
  2. Edward J. Green & Ruilin Zhou, 1996. "A Rudimentary Random-Matching Model with Divisible Money and Prices," GE, Growth, Math methods 9606001, EconWPA, revised 25 Jul 1996.
  3. 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.
  4. Trejos, Alberto & Wright, Randall, 1995. "Search, Bargaining, Money, and Prices," Journal of Political Economy, University of Chicago Press, vol. 103(1), pages 118-41, February.
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