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A monetary theory with non-degenerate distributions
Menzio, Guido; Shi, Shouyong; Sun, Hongfei - 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/10010290428
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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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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, 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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Equilibrium price dispersion across and within stores
Menzio, Guido; Trachter, Nicholas - In: Review of economic dynamics 28 (2018), pp. 205-220
Persistent link: https://www.econbiz.de/10012041467
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Equilibrium Price Dispersion and Rigidity: A New Monetarist Approach
Head, Allen; Liu, Lucy Qian; Menzio, Guido; Wright, Randall - Department of Economics, University of Pennsylvania - 2010
Why do some sellers set prices in nominal terms that do not respond to changes in the aggregate price level? In many models, prices are sticky by assumption. Here it is a result. We use search theory, with two consequences: prices are set in dollars since money is the medium of exchange; and...
Persistent link: https://www.econbiz.de/10008672485