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In a simple search model of money, we study a special kind of memory which gives rise to an arrangement resembling a …
Persistent link: https://www.econbiz.de/10004970315
novelty of the paper is to show how the diffusion of a money injection by the central bank depends not only on the interaction … of agents in exchanging money for goods, but on the arrangements for clearing and settlement of credit instruments. The …
Persistent link: https://www.econbiz.de/10004977928
constitutes progress on the classic problem of integrating money and general equilibrium theory. We also use the model to discuss …
Persistent link: https://www.econbiz.de/10004977942
We analyze how the preference structure and the structure of production possibilities in the monetary economy can lead to a variety of distributions of special and standard goods produced in the economy
Persistent link: https://www.econbiz.de/10005048004
, as well as the distribution of money. As inflation decreases, agents are induced to participate less frequently in the … centralized liquidity market, leading to a lower velocity of money, a smaller liquidity market, fewer resources spent on market … participation and higher heterogeneity in money holdings across agents. The welfare costs of inflation implied are different from …
Persistent link: https://www.econbiz.de/10005090797
Persistent link: https://www.econbiz.de/10005090837
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-theoretic framework. We allow money-holders to choose the intensities with which they search for trading partners, so the frequency of …
Persistent link: https://www.econbiz.de/10005090891
money holdings. We have two basic objectives. First, we want to understand under what types of heterogeneity a simple …
Persistent link: https://www.econbiz.de/10005090919
standard urn-ball process. We consider three physical environments: indivisible goods and money, divisible goods and … indivisible money, and divisible goods and money. We compare the results with Kiyotaki and Wright (1993), Trejos and Wright (1995 … particular, sur- plus maximization can be achieved in this setting, in equilibrium, with a positive money supply. Moreover, with …
Persistent link: https://www.econbiz.de/10005069230