Money Creation in a Random Matching Model
نویسندگان
چکیده
منابع مشابه
Private Money and Reserve Management in a Random Matching Model1
We introduce an element of centralization in a random matching model of money that allows for private liabilities to circulate as media of exchange. Some agents, which we identify as banks, are endowed with the technology to issue notes and to record-keep reserves with a central clearinghouse, which we call the treasury. The liabilities are redeemed according to a stochastic process that depend...
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We develop a model of decentralized monetary exchange that can be used to examine the distributional effects of inflation across heterogeneous agents who have private information. The private information can be about the productivity, preferences, or money holdings of the agents. Matching is multilateral and each seller is visited by a stochastic number of buyers. The good is allocated accordin...
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We apply a commodity-money refinement to matching models in which people meet in pairs and buyers make take-it-or-leave-it offers to sellers. The refinement is applied by attaching a utility value to nominal money and letting that value approach zero. An equilibrium satisfies the refinement if it is such a limit. We show that the refinement eliminates a class of non full-support steady states. ...
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We analyze matching models of monetary exchange where agents get to choose endogenously the individuals (or at least the types of individuals) that they meet, rather than having agents matched exogenously and at random, as in the previous literature. Agents are still restricted to one bilateral trade per period, and specialization can still lead to a double coincidence problem in the exchange p...
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In a pure-currency economy, money is the only durable object and people have private histories so that they cannot be punished individually in the future for current actions. In many such economies, trade is enhanced through the use of money and taxation is not feasible. For economies of that kind in which the distribution of money is a state variable, the conjecture is that there are transfer ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2003
ISSN: 1556-5068
DOI: 10.2139/ssrn.375020