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
Authors:	Hens, Thorsten ; Schenk-Hoppe, Klaus Reiner ; Vogt, Bodo
Institutions:	HWWA Institut für Wirtschaftsforschung
Subject:	micro foundations of money \| optimal \| quantity of money

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Extent:	application/pdf
Series:	HWWA Discussion Papers. - ISSN 1616-4814.
Type of publication:	Book / Working Paper
Notes:	Number 255
Classification:	E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System ; C73 - Stochastic and Dynamic Games ; E41 - Demand for Money ; E40 - Money and Interest Rates. General ; C92 - Laboratory; Group Behavior ; C91 - Laboratory, Individual Behavior
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010957432