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Multiplicity of monetary steady states

Ryoji Hiraguchi and Keiichiro Kobayashi

Economics Letters, 2015, vol. 127, issue C, 93-96

Abstract: We investigate a monetary model in which the centralized market opens once, but the decentralized markets open twice in each period. We show that there may be multiple stationary equilibria.

Keywords: Multiple equilibria; Search; Bargaining (search for similar items in EconPapers)
JEL-codes: E1 (search for similar items in EconPapers)
Date: 2015
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Handle: RePEc:eee:ecolet:v:127:y:2015:i:c:p:93-96