Search, Bargaining, and Money: Theories and Policy Implications

赖特9631316搜索理论为思考货币经济学中的许多问题提供了一种新的方法。这个项目对货币经济学的基础做出了贡献，在几个方向上扩展了文献中的一些最新发展，这些文献使用搜索理论来正式确定货币和相关资产在经济中的作用。这篇文献的主要最新进展是使用讨价还价理论在模型中内生确定价格，而以前的版本或多或少地假设价格是外生固定的，以便关注贸易过程(谁与谁交换，使用哪些对象作为交换媒介，等等)。在方法上，目前的建议包括三个部分。首先，有人认为，通过使用讨价还价理论的一个简单的特例，一个人可以得到如此强大的结果，因此一个人可以使用该模型来解决比一般情况下可能出现的更复杂的问题。其次，有人认为，在这些模型中，有一种潜在的有趣的新方法来分析政府政策。最后，有几个技术或数学问题需要解决。这项研究最终应该有助于对货币改革的分析，例如，欧洲货币一体化的成本和收益是什么。

Wright 9631316 Search theory provides a new way to think about many issues in monetary economics. This project contributes to the foundations of monetary economics by extending in several directions some recent development in the literature that use search theory to formalize the role of money and related assets in the economy. The major recent development in this literature has been the use of bargaining theory to determine prices endogenously in the models, while previous versions more or less assumed that prices were fixed exogenously in order t focus on the process of trade (who exchanges with whom, using which objects as media of exchange, and so on). In terms of methods, the current proposal has three parts. First, it is argued that by using a simple special case of bargaining theory, one may derive such stronger results and one may therefore use the model to address more complicated questions than would have been possible in general. Second, it is suggested that there is potentially interesting new way to analyze government policy in these models. Finally, there are several technical or mathematical issues that need to be addressed. This research should eventually contribute to the analysis of currency reform, e.g., what are the costs and benefits of European currency integration.