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Lack-Of-Recall And Centralized Monetary Trade

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  • Ted Temzelides
  • Jialin Yu

Abstract

We introduce "lack-of-recall" of past transactions as an alternative assumption to anonymity in a model where trade is centralized. In environments where there is an intertemporal lack-of-double-coincidence of wants problem and lack-of-commitment, lack-of-recall can give rise to monetary equilibria that dominate nonmonetary outcomes in terms of welfare. Copyright 2004 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.

Suggested Citation

  • Ted Temzelides & Jialin Yu, 2004. "Lack-Of-Recall And Centralized Monetary Trade," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 45(4), pages 1221-1227, November.
    • Handle: RePEc:ier:iecrev:v:45:y:2004:i:4:p:1221-1227
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    Cited by:

    1. Telyukova, Irina A. & Visschers, Ludo, 2009. "Precautionary Demand for Money in a Monetary Business Cycle Model," MPRA Paper 15622, University Library of Munich, Germany.
    2. Telyukova, Irina A. & Visschers, Ludo, 2013. "Precautionary money demand in a business-cycle model," Journal of Monetary Economics, Elsevier, vol. 60(8), pages 900-916.
    3. Kahn, Charles M. & Roberds, William, 2009. "Why pay? An introduction to payments economics," Journal of Financial Intermediation, Elsevier, vol. 18(1), pages 1-23, January.

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