Individual and Aggregate Real Balances in a Random-Matching Model
Individual and Aggregate Real Balances in a Random-Matching Model
复制标题
随机匹配模型中的个体和总体实际余额
DOI：
10.1111/1468-2354.00051
复制
发表时间：
1999
期刊：
影响因子：
--
通讯作者：
Ruilin Zhou
中科院分区：
文献类型：
--
作者：
Ruilin Zhou
本文研究了在一个货币随机匹配模型中，代理人可以持有任意数量的可分货币，生产成本高的情况下，静态单一价格均衡的特征。在这样的均衡中，代理人的货币持有量是内生决定的，并且是一致有界的。弱非支配策略的改进被认为是必要的。它表明，一个连续的单一价格均衡指数的总的实际货币余额存在，如果这样的均衡存在。具有不同货币持有量上限的均衡，因此具有不同的分布，但具有相同的总实际货币余额的均衡可以共存。1999年由宾夕法尼亚大学经济系和大坂大学社会经济研究协会版权所有。
This article investigates the characteristics of stationary single-price equilibrium in a monetary random-matching model where agents can hold an arbitrary amount of divisible money and where production is costly. At such an equilibrium, agents' money holdings are endogenously determined and uniformly bounded. A refinement of weakly undominated strategies is argued to be necessary. It is shown that a continuum of single-price equilibria indexed by the aggregate real-money balance exists if one such equilibrium exists. Equilibria with different money-holdings upper bounds, hence different distributions, but with identical aggregate real-money balances can coexist. Copyright 1999 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.