On the Micro-foundations of Money: The Capitol Hill Baby-Sitting Co-op.

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.

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Year of publication:	2003-06
Authors:	Hens, Thorsten ; Schenk-Hoppé, Klaus Reiner ; Vogt, Bodo
Institutions:	Økonomisk Institut, Københavns Universitet
Subject:	micro foundations of money \| optimal quantity of money

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Extent:	application/pdf
Series:	Discussion Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 03-35 20 pages
Classification:	C73 - Stochastic and Dynamic Games ; C91 - Laboratory, Individual Behavior ; C92 - Laboratory; Group Behavior ; E40 - Money and Interest Rates. General ; E41 - Demand for Money ; E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005818475