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On the Existence of Single-Price Equilibria in a Matching Model with Divisible Money and Production Cost

  • Kazuya Kamiya

    (Faculty of Economics, The University of Tokyo)

  • Noritsugu Morishita

    (Kaichi High School)

  • Takashi Shimizu

    (Faculty of Economics, Kansai University)

This paper investigates Zhou [4]'s money search model, where money is divisible, agents can hold any amount of money, and production of goods is costly, and presents a sufficient condition, expressed in terms of exogenously given parameters, for the existence of single-price equilibria.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2004/2004cf283.pdf
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Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-283.

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Length: 15 pages
Date of creation: Jun 2004
Date of revision:
Handle: RePEc:tky:fseres:2004cf283
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  1. Green, Edward J. & Zhou, Ruilin, 1998. "A Rudimentary Random-Matching Model with Divisible Money and Prices," Journal of Economic Theory, Elsevier, vol. 81(2), pages 252-271, August.
  2. Ruilin Zhou, 1996. "Individual and aggregate real balances in a random matching model," Staff Report 222, Federal Reserve Bank of Minneapolis.
  3. Kazuya Kamiya & Takashi Shimizu, 2004. "Real Indeterminacy of Stationary Equilibria in Matching Models with Media of Exchange," CIRJE F-Series CIRJE-F-167, CIRJE, Faculty of Economics, University of Tokyo.
  4. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August.
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