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How long is forever in the laboratory? Three implementations of an infinite-horizon monetary economy
Jiang, Janet Hua; Puzzello, Daniela; Zhang, Cathy - 2021
We compare three implementation schemes of an infinite-horizon monetary economy with discounting. Under the standard random termination scheme and its block variation, the economy lasts for an indefinite number of periods and the discounting factor is captured by the probability that the economy...
Persistent link: https://www.econbiz.de/10012619623
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A tractable monetary model under general preferences
Wong, Tsz-Nga - 2013
equilibrium with degenerate money distribution. I solve for the entire class of exact solutions to the above non-linear second …
Persistent link: https://www.econbiz.de/10010319624
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Wealth as a signal in the search model of money
Okumura, Tsunao (contributor) - 2005
This paper investigates the possibility that wealth (holdings of money) serves as a signal of ability to produce high … would otherwise arise. -- Random matching ; Money holdings ; Signaling ; Distribution of wealth ; Welfare ; Divisible money …
Persistent link: https://www.econbiz.de/10003779289
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A tractable monetary model under general preferences
Wong, Tsz-Nga - 2013
equilibrium with degenerate money distribution. I solve for the entire class of exact solutions to the above non-linear second …
Persistent link: https://www.econbiz.de/10009718496
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Monetary policy, parameter uncertainty and optimal learning
Wieland, Volker - 1999
reunification. A policy that separates learning from control may induce a persistent upward bias in money growth and inflation, just …
Persistent link: https://www.econbiz.de/10010466014
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On the Coexistence of Money and Higher-Return Assets and its Social Role
Rocheteau, Guillaume - 2011
This paper adopts mechanism design to tackle the central issue in monetary theory, namely, the coexistence of money and … higher-return assets. I describe an economy with pairwise meetings, where fiat money and risk-free capital compete as means … of payment. Whenever fiat money has an essential role, any constrained-efficient allocation is such that capital commands …
Persistent link: https://www.econbiz.de/10013131286
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The Cost of Inflation : A Mechanism Design Approach
Rocheteau, Guillaume - 2011
environment with pairwise meetings, the money demand that is consistent with a constrained-efficient allocation takes the form of … moderate inflation is zero. This result is robust to different assumptions regarding the observability of money holdings, the …
Persistent link: https://www.econbiz.de/10013131291
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Liquidity and Asset Market Dynamics
Rocheteau, Guillaume - 2010
We study economies with an essential role for liquid assets in transactions. The model can generate multiple stationary equilibria, across which asset prices, market participation, capitalization, output and welfare are positively related. It can also generate a variety of nonstationary...
Persistent link: https://www.econbiz.de/10013135202
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Liquidity and the Threat of Fraudulent Assets
Li, Yiting - 2011
We study an over-the-counter (OTC) market with bilateral meetings and bargaining where the usefulness of assets, as means of payment or collateral, is limited by the threat of fraudulent practices. We assume that agents can produce fraudulent assets at a positive cost, which generates endogenous...
Persistent link: https://www.econbiz.de/10013119877
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Financial Frictions, the Housing Market, and Unemployment
Branch, William - 2014
We develop a two-sector search-matching model of the labor market with imperfect mobility of workers, augmented to incorporate a housing market and a frictional goods market. Homeowners use home equity as collateral to finance idiosyncratic consumption opportunities. A financial innovation that...
Persistent link: https://www.econbiz.de/10013064308