environment with pairwise meetings, the money demand that is consistent with an optimal, incentive feasible allocation takes the …

frictions to incorporate the interrelationship of money, search, and endogenous price dispersion. Inflation aspects welfare …

We define continuous-time dynamics for exchange economies with fiat money. Traders have locally rational expectations … game involving a double-auction with limit-price orders. Money has a positive value except on optimal rest-points where it … nominal variables. Money is not neutral, either in the short-run or long-run, and a localized version of the quantity theory …

We propose a standard search and bargaining model with divisible money, in which only the random matching market opens … tractable equilibrium, called a pay-all equilibrium , and prove its existence. Each buyer pays all the money holding as a corner … power parameter affects the distribution of the money holdings and possibly induces economic inefficiency. We propose a …

We propose a standard search and bargaining model with divisible money, in which only the random matching market opens … tractable equilibrium, called a pay‐all equilibrium , and prove its existence. Each buyer pays all the money holding as a corner … power parameter affects the distribution of the money holdings and possibly induces economic inefficiency. We propose a …

Existing search-theoretical model of money have in general abstracted from the existence and accumulation of other … assets, in particular, capital. In this paper we present a model where the optimal portfolio allocation decision of agents is … explicitly modeled. Trade frictions in a decentralized consumption goods market give rise to an endogenous role for money …