Camera, Gabriele (contributor); Craig, Ben R. (contributor); … - 2003 - [Elektronische Ressource]
that
intertemporal trade is infeasible. Hence, decentralized spot monetary trade
arises as a natural means to expand …,
with Poisson arrival rate α the agent’s entire holdings of money b are taken
away with probability τ ∈ (0,1] by the … in Aiyagari et al., 1996). This is
a natural way to model spot monetary transactions, where money is used to
buy goods …