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Divisible money with partially directed search

  • Dror Goldberg

    ()

    (Department of Economics Texas A&M University)

Monetary search models are difficult to analyze unless the distribution of money holdings is made degenerate. Popular techniques include using an infinitely large household (Shi 1997) and adding a centralized market with quasi-linear utility (Lagos and Wright 2005). Wallace (2002) suggests as an alternative to have two-member households who can somehow direct their search, thus creating a degenerate distribution in a different way. This idea is modelled here for the first time by modifying the partially directed search model of Goldberg (forthcoming). The Friedman rule is optimal, but the costs of deviating from it are different from the above mentioned models

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Paper provided by Society for Economic Dynamics in its series 2006 Meeting Papers with number 618.

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Date of creation: 03 Dec 2006
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Handle: RePEc:red:sed006:618
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  1. Aleksander Berentsen & Guillaume Rocheteau, . "On the Friedman Rule in Search Models with Divisible Money," IEW - Working Papers 155, Institute for Empirical Research in Economics - University of Zurich.
  2. Shouyong Shi, 1997. "A Divisible Search Model of Fiat Money," Econometrica, Econometric Society, vol. 65(1), pages 75-102, January.
  3. Goldberg, Dror, 2007. "Money with partially directed search," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 979-993, May.
  4. Shi Shougong, 1995. "Money and Prices: A Model of Search and Bargaining," Journal of Economic Theory, Elsevier, vol. 67(2), pages 467-496, December.
  5. 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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