On the Micro-foundations of Money: The Capitol Hill Baby-Sitting Co-op∗
نویسندگان
چکیده
This paper contributes to the micro-foundation of money in centralized markets with idiosyncratic uncertainty. It shows existence of stationary monetary equilibria and ensures that there is an optimum quantity of money. The rational solution of our model is compared with actual behavior in a laboratory experiment. The experiment gives support to the theoretical approach. JEL classification: C73, C91, C92, E40, E41, E42.
منابع مشابه
The Great Capitol Hill Baby Sitting Co-op: Anecdote or Evidence for the Optimum Quantity of Money?∗
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