Pairwise trade and coexistence of money and higher-return assets
نویسندگان
چکیده
منابع مشابه
Pairwise trade and coexistence of money and higher-return assets
A new theory of coexistence of money and higher-return assets is set out. It applies to any setting in which some trade involves an exchange of goods for assets and occurs between two people–a buyer and a seller. We show that there exists a function mapping the portfolios of the buyer and the seller to the trade that occurs such that (i) the trade is in the buyer-seller core and (ii) some peopl...
متن کاملAppendix to ‘Pairwise Trade and Coexistence of Money and Higher-Return Assets’
This is the appendix to Zhu and Wallace [4]. In it, we prove the claims in section 3 of that paper that are made about the model with a non degenerate wealth distribution. We begin by formally setting out the definition of an equilibrium for that model. Let Y = {y = (y1, y2) ∈ Z × Z : y1 + y2 ≤ Z}. An element of Y is an individual portfolio after bond purchases (y1 is the amount of money and y2...
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This paper adopts mechanism design to investigate the coexistence of at money and higherreturn assets. We consider an economy with pairwise meetings where at money and riskfree capital compete as means of payment, as in Lagos and Rocheteau (2008). The trading mechanism in pairwise meetings is chosen among all individually rational, renegotiation-proof mechanisms to maximize societys welfare....
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2007
ISSN: 0022-0531
DOI: 10.1016/j.jet.2005.08.001