Showing 1 - 10 of 19
We construct and analyze a tractable search model of money with a non-degenerate distribution of money holdings … and provide conditions under which the steady-state distribution of buyers over money balances is non-degenerate. Moreover …
Persistent link: https://www.econbiz.de/10010850128
differences in relative prices can be explained as well by real factors. Thus the core theme of the paper: 'money matters', though …
Persistent link: https://www.econbiz.de/10010575181
fruitful analysis by Lucas (1990). I construct two search models, in which fiat money coexists in equilibrium with default …-free nominal bonds issued by the government, and then use the models to analyze the effects of money growth and open market … operations. In the first model, matured bonds circulate in the goods market as perfect substitutes for money and there are a …
Persistent link: https://www.econbiz.de/10005572544
This paper advances a highly tractable model with search theoretic foundations for money and neoclassical growth. In … bilateral trading, in ation depresses capital and output and has a negligible effecton welfare. (Keywords: search, money …, commerce, in ation, neoclassical production, capital accumulation, optimum quantity of money.) …
Persistent link: https://www.econbiz.de/10005771671
decentralized goods market features bilateral matches. Unmatured bonds can be used together with money to purchase goods in a …<92>s money allocation between the two markets, affect real output and the term structure of interest rates, and cause …
Persistent link: https://www.econbiz.de/10005771708
. We show that the same frictions that give fiat money a positive value generate an inefficient quantity of goods in each …
Persistent link: https://www.econbiz.de/10005827212
capitalism': namely, that the inflationary forces of the Price Revolution era produced a widening gap between prices and wages … was its enthusiastic endorsement by John Maynard Keynes, in his Treatise of Money, published the following year, in 1930 …
Persistent link: https://www.econbiz.de/10005827232
induces optimal money growth to be above the Friedman rule. …
Persistent link: https://www.econbiz.de/10005827259
This paper advances a model which can account for these five prominent facts of monetary economics. (i) Money is held …). The model is designed to capture three features of reality, which form the basis for modeling money as a dominated asset …: Income and expenditures by households and firms are not synchronized. Money is used to transfer income from the time it is …
Persistent link: https://www.econbiz.de/10005827260
Postan, this paper seeks to prove that 'money mattered', and in particular that the oscillations in price levels (as measured … monetary changes, both in money stocks and flows. The evidence, in both tables and graphs, will demonstrate that the prices for … coinage debasements. Money does indeed matter. …
Persistent link: https://www.econbiz.de/10005827262