Giraud, Gaël; Tsomocos, Dimitrios P. - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2010
We define continuous-time dynamics for exchange economies with fiat money. Traders have locally rational expectations, face a cash-in-advance constraint, and continuously adjust their short-run dominant strategy in a monetary strategic market game involving a double-auction with limit-price...