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• W1981103419 abstract "Search models of monetary exchange have typically relied on Nash (1950) bargaining or strategic games that yield an equivalent outcome to determine the terms of trade. By considering alternative axiomatic bargaining solutions in a simple search model with divisible money, we show how this choice matters for important results such as the ability of the optimal monetary policy to generate an efficient allocation. We show that the quantities traded in bilateral matches are always inefficiently low under the Nash (1950) and Kalai-Smorodinsky (1975) solutions, whereas under strongly monotonic solutions such as the egalitarian solution (Luce and Raiffa, 1957; Kalai, 1977), the Friedman Rule achieves the first best allocation. We evaluate quantitatively the welfare cost of inflation under the different bargaining solutions, and we extend the model to allow for endogenous market composition." @default.
• W1981103419 created "2016-06-24" @default.
• W1981103419 creator A5069962252 @default.
• W1981103419 creator A5074847840 @default.
• W1981103419 date "2005-01-01" @default.
• W1981103419 modified "2023-09-25" @default.
• W1981103419 title "Bargaining and the Value of Money" @default.
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• W1981103419 doi "https://doi.org/10.2139/ssrn.1025576" @default.
• W1981103419 hasPublicationYear "2005" @default.
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