Equilibrium Price Dispersion in a Matching Model with Divisible Money

Kazuya Kamiya and Takashi Sato

International Economic Review, 2004, vol. 45, issue 2, 413-430

Abstract: The main purpose of this article is to show that, for any given parameter value, an equilibrium with dispersed prices (two-price equilibrium) exists in Green and Zhou's matching model with divisible money. The welfare effect of price dispersion is also analyzed. Copyright 2004 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.

Date: 2004
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