Search, Bargaining, Money, and Prices

9308687 Wright在他之前的NSF资助下，研究者使用搜索理论来形式化货币的交易角色。这是一个重要的贡献，因为它使分析人士能够严格研究偏好、生产可能性、技术和市场摩擦如何塑造贸易模式。使用搜索理论方法研究货币需求的工作为货币的功能以及货币与实际变量之间的关系提供了许多新的见解。本项目将发展新的议价货币模型的搜索和价格形成，将信用引入到搜索货币模型中。该项目将继续研究整个搜索框架背后的“谁与谁相遇以及如何相遇”的微观基础，研究金钱搜索模型的进化方法，以及金钱与私人信息的关系。对价格形成的研究解决了对现有货币需求模型的一个重要批评。这些模型是不完整的，因为它们在分析交换过程的同时，忽略了价格的决定。这些模型要么假设价格是固定的，要么假设物品是不可分割的，因此必须一对一交易，或者他们对价格施加了其他一些特别的假设。在这个项目下开发的框架有明确的双边价格谈判，因此货币汇率不是假设的，而是从模型中推导出来的。这些模型的发展将允许系统地研究潜在的战略环境影响货币和价格形成的方式。* * *

9308687 Wright Under his previous NSF grant, the investigator used search theory to formalize the transactions role of money. This was an important contribution because it allowed analysts to rigorously study the way preferences, production possibilities, technology and market frictions shape the pattern of trade. Work using a search-theoretic approach to money demand is providing many new insights into money's function and the relationships between money and real variables. This project will develop a new line of bargaining monetary models of search and price formation, introduce credit into search models of money. The project will continue research on the microfoundations of "who meets who and how" that are behind the entire search framework, on an evolutionary approach to search models of money, and on money with private information. The research on price formation addresses an important criticism of existing models of money demand. These models are incomplete, in the sense that while they analyze the exchange process, they neglect the determination of prices. Either these models assume that prices are fixed, or they assume that objects are indivisible and therefore must trade one-for-one, or they impose some other ad hoc assumption on prices. The framework developed under this project has explicit bilateral bargaining over prices, so that monetary exchange rates are not assumed but derived from the model. The development of these models will permit the systematic study of the way the underlying strategic environment affects money and price formation. ***