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Heterogeneity and Lotteries in Monetary Search Models

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  • SÉBASTIEN LOTZ
  • ANDREI SHEVCHENKO
  • CHRISTOPHER WALLER

Abstract

We introduce ex ante heterogeneity into the Berentsen, Molico, and Wright monetary search model with lotteries. We show that their three main results regarding lotteries do not survive this modification of the environment.

Suggested Citation

  • Sébastien Lotz & Andrei Shevchenko & Christopher Waller, 2007. "Heterogeneity and Lotteries in Monetary Search Models," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(2‐3), pages 703-712, March.
    • Handle: RePEc:wly:jmoncb:v:39:y:2007:i:2-3:p:703-712
    DOI: 10.1111/j.0022-2879.2007.00042.x
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    1. Berentsen, Aleksander & Camera, Gabriele & Waller, Christopher, 2007. "Money, credit and banking," Journal of Economic Theory, Elsevier, vol. 135(1), pages 171-195, July.
    2. Berentsen, Aleksander & Molico, Miguel & Wright, Randall, 2002. "Indivisibilities, Lotteries, and Monetary Exchange," Journal of Economic Theory, Elsevier, vol. 107(1), pages 70-94, November.
    3. Camera, Gabriele & Vesely, Filip, 2006. "On Market Activity and the Value of Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(2), pages 495-509, March.
    4. Andrei Shevchenko & Randall Wright, 2006. "A simple search model of money with heterogeneous agents and partial acceptability," Studies in Economic Theory, in: Charalambos D. Aliprantis & Nicholas C. Yannelis & Gabriele Camera (ed.), Recent Developments on Money and Finance, pages 223-232, Springer.
    5. Miguel Molico, 2006. "The Distribution Of Money And Prices In Search Equilibrium," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(3), pages 701-722, August.
    6. Aleksander Berentsen & Gabriele Camera & Christopher Waller, 2006. "The distribution of money and prices in an equilibrium with lotteries," Studies in Economic Theory, in: Charalambos D. Aliprantis & Nicholas C. Yannelis & Gabriele Camera (ed.), Recent Developments on Money and Finance, pages 173-193, Springer.
    7. Kiyotaki, Nobuhiro & Wright, Randall, 1993. "A Search-Theoretic Approach to Monetary Economics," American Economic Review, American Economic Association, vol. 83(1), pages 63-77, March.
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    Cited by:

    1. Young Sik Kim & Manjong Lee, 2009. "Wealth Distribution, Inflation Tax, and Societal Benefits of Illiquid Bonds," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(5), pages 809-830, August.
    2. Kim, Young Sik & Lee, Manjong, 2010. "A model of debit card as a means of payment," Journal of Economic Dynamics and Control, Elsevier, vol. 34(8), pages 1359-1368, August.
    3. Lee, Manjong, 2010. "Carrying cost of money and real effects of denomination structure," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 326-337, March.
    4. Lee, Manjong, 2013. "Coexistence and welfare cost of inflation," Journal of Macroeconomics, Elsevier, vol. 36(C), pages 23-32.

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