On random matching, monetary equilibria, and sun spots

被引：11

作者：

Ennis, HM ^{[1
]}

机构：

[1] Fed Reserve Bank Richmond, Res Dept, Richmond, VA 23261 USA

来源：

MACROECONOMIC DYNAMICS | 2001年 / 5卷 / 01期

关键词：

random matching; monetary equilibria; multiplicity; comparative statics; sunspot equilibrium;

D O I：

10.1017/S1365100501018065

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study comparative statics results for the steady-state monetary equilibria of a simple random matching model of money with endogenous prices and no extrinsic uncertainty. Some of the results appear counterintuitive (both when take-it-or-leave-it offer or when Nash-Rubinstein bargaining is used in the model). Consistency of the equilibrium expectations causes the partial equilibrium intuitions to be reversed. We then proceed to apply the new insights to the analysis of sunspot equilibria in these type of models of bilateral trade with money.

引用

页码：132 / 142

页数：11

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