Bargains, barter, and money

被引:10
作者
Engineer, M
Shi, SY
机构
[1] Univ Victoria, Dept Econ, Victoria, BC V8W 2Y2, Canada
[2] Queens Univ, Dept Econ, Kingston, ON K7L 3N6, Canada
关键词
bargaining; barter; fiat; money; search;
D O I
10.1006/redy.2000.0107
中图分类号
F [经济];
学科分类号
02 [经济学];
摘要
We examine a search money model in which there is a symmetric coincidence of wants in all barter matches. However, when bargaining outcomes are asymmetric across matches, the barter economy is inefficient. Then a robust monetary equilibrium exists provided that money holders enjoy adequate bargaining terms. Fiat money may be welfare improving. In contrast to the literature, it is the asymmetry in bargains across matches rather than asymmetry in demands that generates these results. (C) 2001 Academic Press.
引用
收藏
页码:188 / 209
页数:22
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