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A monetary theory with non-degenerate distributions
Menzio, Guido; Shi, Shouyong; Sun, Hongfei - In: Journal of economic theory 148 (2013) 6, pp. 2266-2312
Persistent link: https://www.econbiz.de/10010257933
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Liquidity, interest rates and output
Shi, Shouyong - In: Annals of economics and finance 15 (2014) 1, pp. 53-95
Persistent link: https://www.econbiz.de/10010407412
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A divisible search model of fiat money
Shi, Shouyong - In: Econometrica : journal of the Econometric Society, an … 65 (1997) 1, pp. 75-102
Persistent link: https://www.econbiz.de/10001217066
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A Monetary Theory with Non-degenerate Distributions
Menzio, Guido; Shi, Shouyong; Sun, Hongfei - University of Toronto, Department of Economics - 2013
We construct and analyze a tractable search model of money with a non-degenerate distribution of money holdings. Analytical tractability comes from modeling decentralized exchange as directed search, which makes the monetary steady state block recursive. By adapting lattice-theoretic techniques,...
Persistent link: https://www.econbiz.de/10010850128
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A Monetary Theory with Non-Degenerate Distributions
Menzio, Guido; Shi, Shouyong; Sun, Hongfei - Department of Economics, University of Pennsylvania - 2011
Dispersion of money balances among individuals is the basis for a range of policies but it has been abstracted from in monetary theory for tractability reasons. In this paper, we fill in this gap by constructing a tractable search model of money with a non-degenerate distribution of money...
Persistent link: https://www.econbiz.de/10008914107
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A Monetary Theory with Non-Degenerate Distributions
Menzio, Guido; Shi, Shouyong; Sun, Hongfei - Economics Department, Queen's University - 2011
Dispersion of money balances among individuals is the basis for a range of policies but it has been abstracted from in monetary theory for tractability reasons. In this paper, we fill in this gap by constructing a tractable search model of money with a non-degenerate distribution of money...
Persistent link: https://www.econbiz.de/10009003261
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A Monetary Theory with Non-Degenerate Distributions
Menzio, Guido; Shi, Shouyong; Sun, Hongfei - University of Toronto, Department of Economics - 2011
Dispersion of money balances among individuals is the basis for a range of policies but it has been abstracted from in monetary theory for tractability reasons. In this paper, we fill in this gap by constructing a tractable search model of money with a non-degenerate distribution of money...
Persistent link: https://www.econbiz.de/10008876612
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A monetary theory with non-degenerate distributions
Menzio, Guido; Shi, Shouyong; Sun, Hongfei - In: Journal of Economic Theory 148 (2013) 6, pp. 2266-2312
We construct and analyze a tractable search model of money with a non-degenerate distribution of money holdings. Analytical tractability comes from modeling decentralized exchange as directed search, which makes the monetary steady state block recursive. By adapting lattice-theoretic techniques,...
Persistent link: https://www.econbiz.de/10011042978
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Liquidity, Innovation and Growth
Shouyong, Shi; Berentsen, Aleksander; Rojas Breu, Mariana - Université Paris-Dauphine (Paris IX) - 2012
Many countries simultaneously suffer from high rates of inflation, low growth rates of per capita income and poorly developed financial sectors. In this paper, we integrate a microfounded model of money and finance into a model of endogenous growth to examine the effects of inflation and...
Persistent link: https://www.econbiz.de/10011072562
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Welfare Improvement from Restricting the Liquidity of Nominal Bonds
Shi, Shouyong - University of Toronto, Department of Economics - 2006
In this paper I examine whether a society can improve welfare by imposing a legal restriction to forbid the use of nominal bonds as a means of payments for goods. To do so, I integrate a microfounded model of money with the framework of limited participation. While the asset market is Walrasian,...
Persistent link: https://www.econbiz.de/10005704724