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Generalized search-theoretic models of monetary exchange

Peter Rupert (), Martin Schindler () and Randall Wright ()

No 5, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

Abstract: This paper extends the literature on search-theoretic models of money in several ways. It provides results for general bargaining parameters, whereas previous papers consider only special cases. It also presents one version of the model in which agents holding money cannot produce and another in which they can. The former has been used in essentially all the previous literature, although the latter seems more natural for some purposes and avoids several undesirable implications. Since very little is known about this version, the authors analyze it in detail.

Keywords: Monetary; theory (search for similar items in EconPapers)
Date: 2000, Revised 2000
New Economics Papers: this item is included in nep-dge and nep-mon
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