This paper studies the role of money in asymmetric double coincidence of real wants environments where in each meeting … current production, sale of divisible money, or both. It is shown that in the absence of valued money if traders have … asymmetric tastes for each other's good, they produce and exchange socially inefficient quantities. With valued money, however …

This paper integrates monetary search theory with limited participation to analyze the liquidity effect of open market … matches. In a fraction of matches, buyers can use unmatured bonds together with money to purchase goods. In other matches, a …

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 holdings. We assume search to be directed in the sense that buyers know the …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 holdings. We assume search to be directed in the sense that buyers know the …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 holdings. We assume search to be directed in the sense that buyers know the …Dispersion of money balances among individuals is the basis for a range of policies but it has been abstracted from in …

Fundamental models of money always exhibit autarkic equilibria where money has no value. In this paper we propose a … behavior and the primitives of the economy, thus offering insights on the conditions under which money emerges as a medium of … exchange. Overall, our results favour money over autarky, especially if agents are patient. …

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 … and provide conditions under which the steady-state distribution of buyers over money balances is non-degenerate. Moreover …

is the ‘shadow economy’ in our model. We then calibrate our model using money, interest rate and GDP data to back out the …

Many applications of search theory in monetary economics use the Shi-Trejos-Wright model, hereafter STW, while …