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The Lagos-Wright model -- a monetary model in which pairwise meetings alternate in time with a centralized meeting -- has been extensively analyzed, but always using particular trading protocols. Here, trading protocols are replaced by two alternative notions of implementability: one that allows...
Persistent link: https://www.econbiz.de/10012776342
The Lagos-Wright model -- a monetary model in which pairwise meetings alternate in time with a centralized meeting -- has been extensively analyzed, but always using particular trading protocols. Here, trading protocols are replaced by two alternative notions of implementability: one that allows...
Persistent link: https://www.econbiz.de/10012465340
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significant deviations from price stability in response to various shocks. This is so since search externalities generate an …
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