A Uniqueness Proof for Monetary

نویسندگان

Steady State

Randall Wright

چکیده

The framework in Lagos and Wright (2005) combining decentralized and centralized markets is used extensively in monetary economics, for several reasons: it has relatively solid microfoundations; it is tractable; it integrates naturally with other theories; and it is easily quantifiable. Much is known about this model, but there is one loose end: only under very special assumptions about bargaining or preferences has it been shown there is a unique monetary steady state. For general decentralized market utility and bargaining, I prove uniqueness, for generic parameters using fiat money and all parameters using commodity money. I also derive monotone comparative static results. ∗I thank Christian Hellwig, Robert Shimer, Philipp Kircher, Rafael Silviera, and Guido Menzio for discussions leading to these results. The NSF provided research support. The usual disclaimer applies.

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