On Complicated Dynamics in Simple Monetary Models
On Complicated Dynamics in Simple Monetary Models
复制标题
简单货币模型中的复杂动力学
DOI：
10.1111/jmcb.12625
复制
发表时间：
2019
期刊：
影响因子：
--
通讯作者：
Randall Wright
中科院分区：
文献类型：
--
作者：
Chao He;Randall Wright
我们提供了一个完整的表征的固定和非固定的确定性平衡在搜索模型的流动性不可分割的资产。考虑两种制剂：一个是通常的随机搜索和讨价还价;另一个不太常见但可以说是更好的定向搜索和发布。此外，我们考虑一般会议技术。这很有趣，因为在以前的研究中，一些结果很容易使用特定的技术，但不是一般的。众所周知，这些模型具有均衡，其中内生变量随着时间的推移而变化，作为自我实现的预言。更令人惊讶的是，我们证明了从长远来看，没有他们循环的均衡。
We provide a complete characterization of stationary and nonstationary deterministic equilibria in search models of liquidity with indivisible assets. Two formulations are considered: the usual one with random search and bargaining; and a less common but arguably better one with directed search and posting. Also, we consider general meeting technologies. This is interesting because some results are easy with the particular technologies in previous studies but not in general. As is known, these models have equilibria where endogenous variables change over time as self‐fulfilling prophecies. More surprisingly, we prove there are no equilibria where they cycle in the long run.