On the monetary exchange with multiple equilibrium money holdings distributions: An experimental approach
On the monetary exchange with multiple equilibrium money holdings distributions: An experimental approach
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DOI：
10.1016/j.jebo.2020.12.014
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发表时间：
2021-03
影响因子：
2.2
通讯作者：
K. Kamiya;Hajime Kobayashi;Tatsuhiro Shichijo;Takashi Shimizu
中科院分区：
文献类型：
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作者：
K. Kamiya;Hajime Kobayashi;Tatsuhiro Shichijo;Takashi Shimizu
在这项研究中，我们研究了一个搜索模型与可分割的法定货币在实验室设置。在该模型中，存在多种货币持有量分布的多重均衡。本研究的目的是探讨在这种环境下，被试的行为以及内生决定的货币持有量分布和交易价格的效率。我们发现，这种内生化通过货币交换促进了主体间的协调。受试者内生地减少了货币交易的贸易摩擦，选择了相对有效的货币持有量、分布和交易价格。
In this study, we investigate a search model with divisible fiat money in a laboratory setting. In the model, there are multiple equilibria with various money holdings distributions. The purpose of this study is to investigate the behavior of subjects and the efficiency of endogenously determined money holdings distributions and transaction prices in this environment. We find that such endogenizing enhanced the coordination of subjects through monetary exchange. The subjects endogenously reduced the trade friction of monetary exchanges and chose relatively efficient money holdings distributions and transaction prices.