Hens, Thorsten; Schenk-Hoppe, Klaus Reiner; Vogt, Bodo - HWWA Institut für Wirtschaftsforschung - 2003
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...
