Multiplicity of monetary steady states

We investigate a monetary model in which the centralized market opens once, but the decentralized markets open twice in each period. We show that there may be multiple stationary equilibria.

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Year of publication:	2015
Authors:	Hiraguchi, Ryoji ; Kobayashi, Keiichiro
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 127.2015, C, p. 93-96
Publisher:	Elsevier
Subject:	Multiple equilibria \| Search \| Bargaining

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Type of publication:	Article
Classification:	E1 - General Aggregative Models
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011189535