Julien, Benoit; Petursdottir, Asgerdur; Wang, Liang - Department of Economics, University of Hawaii-Manoa - 2014
This paper uses a New Monetarist framework to study the trade of indivisible goods with divisible money in a frictional market. We first derive conditions under which stationary equilibrium exists, and then show that if equilibrium exits, it is unique. The uniqueness result is due to the...