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On the micro-foundations of money: The Capitol Hill Baby-Sitting Co-op

Author

Listed:
  • Hens, Thorsten
  • Schenk-Hoppe, Klaus Reiner
  • Vogt, Bodo

Abstract

This paper contributes to the micro-foundation of money in centralized markets with idiosyncratic uncertainty. It shows existence of stationary monetary equilibria and ensures that there is an optimum quantity of money. The rational solution of our model is compared with actual behavior in a laboratory experiment. The experiment gives support to the theoretical approach.

Suggested Citation

  • Hens, Thorsten & Schenk-Hoppe, Klaus Reiner & Vogt, Bodo, 2003. "On the micro-foundations of money: The Capitol Hill Baby-Sitting Co-op," HWWA Discussion Papers 255, Hamburg Institute of International Economics (HWWA).
    • Handle: RePEc:zbw:hwwadp:26320
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    File URL: https://www.econstor.eu/bitstream/10419/19227/1/255.pdf
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    Cited by:

    1. Reto Foellmi & Urs Meister, 2005. "Product-Market Competition in the Water Industry: Voluntary Non-discriminatory Pricing," Journal of Industry, Competition and Trade, Springer, vol. 5(2), pages 115-135, June.

    More about this item

    Keywords

    micro foundations of money; optimal; quantity of money;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

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