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Nominal uniqueness and money non-neutrality in the limit-price exchange process
Giraud, Gaël; Tsomocos, Dimitrios - In: Economic Theory 45 (2010) 1, pp. 303-348
Persistent link: https://www.econbiz.de/10008673894
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Nominal Uniqueness and Money Non-neutrality in the Limit-Price Exchange Process
Giraud, Gaël; Tsomocos, Dimitrios P. - HAL - 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...
Persistent link: https://www.econbiz.de/10010603678
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Nominal Uniqueness and Money Non-neutrality in the Limit-Price Exchange Process.
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...
Persistent link: https://www.econbiz.de/10008461118
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Global uniqueness and money non-neutrality in a Walrasian dynamics without rational expectations.
Giraud, Gaël; Tsomocos, Dimitrios - Maison des Sciences Économiques, Université Paris 1 … - 2004
game involving the limit-price mechanism. The profits of the Bank are redistributed to its private shareholders, but they …
Persistent link: https://www.econbiz.de/10005510643