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- W3085037487 abstract "In this paper, we investigate a search model with divisible fiat money in a laboratory setting where transaction prices are endogenously determined. In the model, there exist welfare-ranked multiple stationary monetary equilibria and gift-giving equilibria. We find that endogenizing transaction prices enhanced the coordination of subjects through monetary exchange and deteriorated it through gift-giving. In other words, the subjects endogenously reduced the trade friction of monetary exchanges. We also compare our experimental results with those in search models with exogenously given transaction prices." @default.
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- W3085037487 date "2019-01-01" @default.
- W3085037487 modified "2023-09-27" @default.
- W3085037487 title "Efficiency of Monetary Exchange with Divisible Fiat Money: An Experimental Approach" @default.
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