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Trade Mechanism Selection in Markets with Frictions
Camera, Gabriele; Delacroix, Alain - In: Review of Economic Dynamics 7 (2004) 4, pp. 851-868
We endogenize the trade mechanism in a search economy with many homogenous sellers and many heterogeneous buyers of …
Persistent link: https://www.econbiz.de/10005085604
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Trade Mechanism Selection in Markets with Frictions.
Camera, Gabriele; Delacroix, Alain - Krannert School of Management, Purdue University - 2003
We endogenize the trade mechanism in a search economy with many homogenous sellers and many heterogeneous buyers of …
Persistent link: https://www.econbiz.de/10005835330
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Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium
Rocheteau, Guillaume; Wright, Randall - Department of Economics, University of Pennsylvania - 2003
We compare three pricing mechanisms for monetary economies: bargaining (search equilibrium); price taking (competitive … equilibrium); and price posting (competitive search equilibrium). We do this in a framework that, in addition to considering … different mechanisms, extends existing work on the microfoundations of money by allowing a general matching technology and …
Persistent link: https://www.econbiz.de/10005126717
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Inflation and Welfare in Models with Trading Frictions
Rocheteau, Guillaume; Wright, Randall - Department of Economics, University of Pennsylvania - 2003
We study the effects of inflation in models with various trading frictions. The framework is related to recent search …
Persistent link: https://www.econbiz.de/10005061927
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Friedman Meets Hosios: Efficiency in Search Models of Money
Berentsen, Aleksander; Rocheteau, Guillaume; Shi, Shouyong - Institut für Volkswirtschaftslehre, …
In this paper we study the inefficiencies of the monetary equilibrium and optimal monetary policies in a search economy … trade and an inefficient number of trades (or search decisions). The Friedman rule eliminates the first inefficiency and the … order to internalize all search externalities. …
Persistent link: https://www.econbiz.de/10005184878
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The Distribution of Money and Prices in an Equilibrium with Lotteries
Berentsen, Aleksander; Camera, Gabriele; Waller, Christopher - Institut für Volkswirtschaftslehre, …
by considering randomized monetary trades in a standard search-theoretic model of money where agents can hold multiple …
Persistent link: https://www.econbiz.de/10005463523
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Money and the Gains from Trade
Berentsen, Aleksander; Rocheteau, Guillaume - Institut für Volkswirtschaftslehre, …
This paper studies the role of money in environments where in each meeting there is a double coincidence of real wants. Traders who meet at random finance their purchases through current production, the sale of divisible money or both. It is shown that in the absence of valued money if traders...
Persistent link: https://www.econbiz.de/10005463533
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Money in Bilateral Trade
Berentsen, Aleksander; Rocheteau, Guillaume - In: Swiss Journal of Economics and Statistics (SJES) 138 (2002) IV, pp. 489-506
In this paper we compare production inefficiencies in bilateral meetings generated by two types of trading frictions: double-coincidence frictions and information frictions. For both types of frictions, money enlarges the sets of incentive-feasible allocations relative to barter. In environments...
Persistent link: https://www.econbiz.de/10005427422
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Crises and liquidity in over-the-counter markets
Lagos, Ricardo; Rocheteau, Guillaume; Weill, Pierre-Olivier - In: Journal of Economic Theory 146 (2011) 6, pp. 2169-2205
We study the efficiency of liquidity provision by dealers and the desirability of policy intervention in over-the-counter (OTC) markets during crises. We emphasizes two OTC frictions: finding counterparties takes time, and trade is bilateral and involves bargaining. We model a crisis as a shock...
Persistent link: https://www.econbiz.de/10011042999
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On the Friedman Rule in Search Models with Divisible Money
Berentsen, Aleksander; Rocheteau, Guillaume - Institut für Volkswirtschaftslehre, …
This paper studies the validity of the Friedman rule in a search model with divisible money and divisible goods where …
Persistent link: https://www.econbiz.de/10005627792