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- W3124208839 abstract "We consider a version of Kiyotaki and Wright's monetary search model in which agents can hold arbitrary amounts of divisible money. A continuum of stationary equilibria, indexed by the aggregate real-money stock, exist with all trading occurring at a single price. There is always a maximum level of the real money stock consistent with existence of such an equilibrium. In the limit as trading becomes faster relative to discounting, any real money stock becomes feasible in such an equilibrium. In contrast to the original Kiyotaki-Wright model, higher equilibrium real money stocks unambiguously correspond to higher welfare." @default.
- W3124208839 created "2021-02-01" @default.
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- W3124208839 date "1996-12-23" @default.
- W3124208839 modified "2023-09-27" @default.
- W3124208839 title "A Rudimentary Random-Matching Model with Divisible Money and Prices" @default.
- W3124208839 hasPublicationYear "1996" @default.
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