Real Indeterminacy of Stationary Equilibria in Matching Models with Media of Exchange

Kazuya Kamiya and Takashi Shimizu

No CIRJE-F-167, CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: In this paper, it is shown that real indeterminacy of stationary equilibria generically arises in most matching models with perfectly divisible media of exchange. In other words, the real indeterminacy follows from the condition for stationarity of holdings of media of exchange. Moreover, we present a new technique to prove the existence of stationary equilibria; especially, it is applicable to the case that both money and goods are perfectly divisible.

Pages: 37 pages
Date: 2004-06
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:tky:fseres:2002cf167

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