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General Preferences for Consumption Goods in the Random Matching Model of Commodity Money

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  • Xavier Cuadras

Abstract

This paper generalizes the original random matching model of money by Kiyotaki and Wright (1989) (KW) in two aspects: first, the economy is characterized by an arbitrary distribution of agents who specialize in producing a particular consumption good; and second, these agents have preferences such that they want to consume any good with some probability. The results depend crucially on the size of the fraction of producers of each good and the probability with which different agents want to consume each good. KW and other related models are shown to be parameterizations of this more general one.

Suggested Citation

  • Xavier Cuadras, 2003. "General Preferences for Consumption Goods in the Random Matching Model of Commodity Money," Working Papers 69, Barcelona Graduate School of Economics.
  • Handle: RePEc:bge:wpaper:69
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    File URL: http://www.barcelonagse.eu/sites/default/files/working_paper_pdfs/69.pdf
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    References listed on IDEAS

    as
    1. Xavier Cuadras-Morato & Randall Wright, "undated". "On Money as a Medium of Exchange When Goods Vary by Supply and Demand," CARESS Working Papres 97-1, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
    2. Cuadras-Morat , Xavier & Wright, Randall, 1997. "Money As A Medium Of Exchange When Goods Vary By Supply And Demand," Macroeconomic Dynamics, Cambridge University Press, vol. 1(04), pages 680-700, December.
    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 927-954, August.
    4. repec:cup:macdyn:v:1:y:1997:i:4:p:680-700 is not listed on IDEAS
    5. Wright, Randall, 1995. "Search, evolution, and money," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 181-206.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Commodity money; random matching;

    JEL classification:

    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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