The search-theoretic approach to monetary economics: a primer
Peter Rupert (),
Martin Schindler (),
Andrei Shevchenko and
Randall Wright ()
Economic Review, 2000, issue Q IV, 10-28
The authors present simple versions of models used in the search-theoretic approach to monetary economics. They discuss results on the existence of monetary equilibria, the potential for multiple equilibria, and welfare. Using bilateral bargaining theory, they consider models where prices are fixed as well as those where prices are determined endogenously. After describing the frictions necessary to construct a model where money has an essential role, they conclude by reviewing many extensions and applications in the related literature
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