This paper reports findings from an experiment that implements the Lagos-Wright (2005) model of monetary exchange. We find that subjects generally avoid the autarkic equilibrium of that model and make trading decisions consistent with the model’s monetary equilibrium. Aliprantis, Camera and Puzzello (ACP, 2007) show that providing periodic access to centralized markets as in the Lagos and Wrigh...

Exchange lemmas are used in geometric singular perturbation theory to track flows near normally hyperbolic invariant manifolds. We prove a General Exchange Lemma, and show that it implies versions of existing exchange lemmas for rectifiable slow flows and loss-of-stability turning points. © 2007 Elsevier Inc. All rights reserved. MSC: 34E15; 34C30

We show that a Dedekind-finite, semi-π-regular ring with a “nice” topology is an א0-exchange ring, and the same holds true for a strongly clean ring with a “nice” topology. We generalize the argument to show that a Dedekind-finite, semi-regular ring with a “nice” topology is a full exchange ring. Putting these results in the language of modules, we show that a cohopfian module with finite excha...

In a data exchange setting with target constraints, it is often the case that a given source instance has no solutions. Intuitively, this happens when data sources contain inconsistent or conflicting information that is exposed by the target constraints at hand. In such cases, the semantics of target queries trivialize, because the certain answers of every target query over the given source ins...

We study the Lagos and Wright (2005) model of monetary exchange in the laboratory. With a finite population of sufficiently patient agents, this model has a unique monetary equilibrium and a continuum of non-monetary gift exchange equilibria, some of which Pareto dominate the monetary equilibrium. We find that subjects avoid the gift-exchange equilibria in favor of the monetary equilibrium. We ...

this paper evaluates the real exchange rate fluctuations and uncertainties resulting from it, in the iranian economy. for this purpose, at first indirect effect of real exchange rate uncertainties on economic growth through foreign investment, private investment and exports are expressed, then the real exchange rate uncertainties and its relationship with economic growth and final pattern of in...

a central problem ill empirical macroeconomics is to determine when and how much the exchange rate is misaligned. this paper clarifies and calculates the concept of’ the equilibrium real exchange rate, using a structural vector auto regression (var) model. by imposing long—run restrictions on a var model for iran, lour structural shocks are identified: nominal demand, real demand, supply and oi...