leadership meets soft budget
leadership meets soft budget
复制标题
领导力与软预算的结合
DOI：
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
Motohiro Sato
中科院分区：
文献类型：
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作者：
Nobuo Akai;Motohiro Sato
本文证明了在大多数具有完全可分法定货币的匹配模型中，平稳均衡的真实不确定性普遍存在。换句话说，真正的不确定性来自于货币持有量的平稳性条件，令人惊讶的是，它与模型的其他规格无关，例如，讨价还价的程序。因此，如果我们假设金钱在金钱搜索模型中是可分的，那么就很难对一些政策的效果做出准确的预测。
In this paper, it is shown that real indeterminacy of stationary equilibria generically arises in most matching models with perfectly divisible fiat money. In other words, the real indeterminacy follows from the condition for stationarity of money holdings, and surprisingly it has nothing to do with the other specifications, e.g., the bargaining procedures, of the models. Thus if we assume the divisibility of money in money search models, it becomes quite difficult to make accurate predictions of the effects of some policies.