Distributional aspects of the divisibility of money. An example

Gabriele Camera

A chapter in Recent Developments on Money and Finance, 2006, pp 163-171 from Springer

Abstract: Summary I highlight the importance of distributional aspects of money divisibility by comparing a search-theoretic model with random transfers of indivisible money balances, to one with deterministic transfers of partially divisible balances. Randomization allows price flexibility, as if money were fully divisible. Partial divisibility does not, but allows money redistributions. An example of the relevance of such ‘extensive margin’ aspects of divisibility is provided.

Keywords: Extensive Margin; Price Dispersion; Money Balance; Money Transfer; Distributional Aspect (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1007/3-540-29500-3_8

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