The distribution of money and prices in an equilibrium with lotteries

被引：13

作者：

Berentsen, A

Camera, G ^{[1
]}

Waller, C

机构：

[1] Purdue Univ, Krannert Sch Management, Dept Econ, W Lafayette, IN 47907 USA

[2] Univ Basel, Dept Econ, CH-4003 Basel, Switzerland

[3] Univ Notre Dame, Dept Econ & Econometr, Notre Dame, IN 46556 USA

来源：

ECONOMIC THEORY | 2004年 / 24卷 / 04期

关键词：

lotteries; money distribution; price dispersion; search;

D O I：

10.1007/s00199-004-0485-5

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We construct a tractable 'fundamental' model of money with equilibrium heterogeneity in money balances and prices. We do so by considering randomized monetary trades in a standard search-theoretic model of money where agents can hold multiple units of indivisible 'tokens' and can offer lotteries on monetary transfers. By studying a simple trading pattern, we can analytically characterize the monetary distribution. Interestingly, such distributions match those observed in numerically simulated economies with fully divisible money and price heterogeneity.

引用

页码：887 / 906

页数：20

共 13 条

[1] Indivisibilities, lotteries, and monetary exchange [J].