Existence of a monetary steady state in a matching model: divisible money
Article Abstract:
The description of the matching model used to establish the existence of a monetary steady state with both divisible and indivisible money is detailed. The approach is to show that the marginal utility is large and finite for divisible money and it is large at zero for indivisible money.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2005
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A commodity-money refinement in matching models
Article Abstract:
Attaching a utility value to nominal money and letting that value approach zero apply the refinement. The refinement eliminates a class of non-full-support steady states, is examined. The results show that the commodity-money refinement has bite in some models of pairwise trade.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2004
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Existence of a monetary steady state in a matching model: indivisible money
Article Abstract:
A matching model of money is tested.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2003
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