Output, Prices, and the Velocity of Money in Search Equilibrium
A monetary-search model with match specific preferences and traded quantities is analyzed to assess how aggregate output, the price level, and the velocity of money are affected by various forms of technological change. Changes in the productive technology lead to output and prices moving in opposite directions but provide no prediction for monetary velocity. The matching technology directly affects monetary velocity and output but has little impact on prices. Transactions technologies, which affect the fixed cost of trading, are ambiguous with respect to comovements of output and prices but systematically impact velocity.
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Volume (Year): 35 (2003)
Issue (Month): 6 (December)
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