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Author: Ruilin Zhou
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper investigates the characteristics of stationary single-price equilibrium in a monetary random-matching model where agents can hold an arbitrary amount of divisible money and where production is costly. At such an equilibrium, agents' money holdings are endogenously determined and uniformly bounded. A refinement of weakly undominated strategies is argued to be necessary. It is shown that a continuum of single-price equilibria indexed by the aggregate real-money balance exists if one such equilibrium exists. Equilibria with different money-holdings upper bounds, hence different distributions, but with identical aggregate real-money balances, can coexist.
Author: Ruilin Zhou
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper investigates the characteristics of stationary single-price equilibrium in a monetary random-matching model where agents can hold an arbitrary amount of divisible money and where production is costly. At such an equilibrium, agents' money holdings are endogenously determined and uniformly bounded. A refinement of weakly undominated strategies is argued to be necessary. It is shown that a continuum of single-price equilibria indexed by the aggregate real-money balance exists if one such equilibrium exists. Equilibria with different money-holdings upper bounds, hence different distributions, but with identical aggregate real-money balances, can coexist.
Author: Guillaume Rocheteau
Publisher: MIT Press
ISBN: 0262533278
Category : Business & Economics
Languages : en
Pages : 501
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Book Description
A new edition of a book presenting a unified framework for studying the role of money and liquid assets in the economy, revised and updated. In Money, Payments, and Liquidity, Guillaume Rocheteau and Ed Nosal provide a comprehensive investigation into the economics of money, liquidity, and payments by explicitly modeling the mechanics of trade and its various frictions (including search, private information, and limited commitment). Adopting the last generation of the New Monetarist framework developed by Ricardo Lagos and Randall Wright, among others, Nosal and Rocheteau provide a dynamic general equilibrium framework to examine the frictions in the economy that make money and liquid assets play a useful role in trade. They discuss such topics as cashless economies; the properties of an asset that make it suitable to be used as a medium of exchange; the optimal monetary policy and the cost of inflation; the coexistence of money and credit; and the relationships among liquidity, asset prices, monetary policy; and the different measures of liquidity in over-the-counter markets. The second edition has been revised to reflect recent progress in the New Monetarist approach to payments and liquidity. Rocheteau and Nosal have added three new chapters: on unemployment and payments, on asset price dynamics and bubbles, and on crashes and recoveries in over-the-counter markets. The chapter on the role of money has been entirely rewritten, adopting a mechanism design approach. Other chapters have been revised and updated, with new material on credit economies under limited commitment, open-market operations and liquidity traps, and the limited pledgeability of assets under informational frictions.
Author: Vikram Krishnamurthy
Publisher: Springer
ISBN: 364235582X
Category : Computers
Languages : en
Pages : 283
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Book Description
This book constitutes the thoroughly refereed post-conference proceedings of the Third International Conference on Game Theory for Networks (GameNets 2012) held in Vancouver, Canada, May 24-26, 2012. The 13 revised full papers were carefully selected from 24 submissions and are presented together with 7 invited papers. The papers focus on topics such as mechanism design, physical layer games, network mechanisms, stochastic and dynamic games, game-theoretic network models, cooperative games in networks, security games, spectrum sharing games, P2P and social networks and economics of network QoS.
Author: Gabriele Camera
Publisher: Springer Science & Business Media
ISBN: 3540295003
Category : Business & Economics
Languages : en
Pages : 268
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Book Description
Assembles theoretical contributions to monetary theory, banking and finance. This book includes papers spanning themes from monetary policy to the optimal design of financial systems, and from the study of the causes of financial crises to payment systems design. It serves as a reference to researchers interested in the study of financial systems.
Author: Pennsylvania
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 786
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Category : Economics
Languages : en
Pages : 348
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Author:
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ISBN:
Category :
Languages : en
Pages : 746
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Author: Federal Reserve Bank of Minneapolis
Publisher:
ISBN:
Category : Federal Reserve banks
Languages : en
Pages : 404
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Author: Karl Shell
Publisher:
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Category :
Languages : en
Pages :
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Author:
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ISBN:
Category : Mathematics
Languages : en
Pages : 772
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