A Rudimentary Random-Matching Model with Divisible Money and Prices
A Rudimentary Random-Matching Model with Divisible Money and Prices
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货币和价格可分割的基本随机匹配模型
DOI：
10.1006/jeth.1997.2356
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发表时间：
1998
影响因子：
1.6
通讯作者：
Ruilin Zhou
中科院分区：
文献类型：
--
作者：
E. Green;Ruilin Zhou
我们考虑Kiyotaki和Wright的货币搜索模型的一个版本，在该模型中，代理人可以持有任意数量的可分割货币。以实际货币存量总量为指标的静态均衡连续体存在，所有交易都在同一价格下进行。实际货币存量总有一个与这种均衡的存在相一致的最大水平。在交易相对于贴现变得更快的限制下，任何真正的货币存量在这样的均衡下都是可行的。与最初的Kiyotaki-Wright模型相比，更高的均衡实际货币存量明确地对应着更高的福利。
We consider a version of Kiyotaki and Wright's monetary search model in which agents can hold arbitrary amounts of divisible money. A continuum of stationary equilibria, indexed by the aggregate real-money stock, exist with all trading occurring at a single price. There is always a maximum level of the real money stock consistent with existence of such an equilibrium. In the limit as trading becomes faster relative to discounting, any real money stock becomes feasible in such an equilibrium. In contrast to the original Kiyotaki-Wright model, higher equilibrium real money stocks unambiguously correspond to higher welfare.