منابع مشابه
Money and Banking in Search Equilibrium
“The theory of banking relates primarily to the operation of commercial banking. More especially it is chiefly concerned with the activities of banks as holders of deposit accounts against which cheques are drawn for the payment of goods and services. In Anglo-Saxon countries, and in other countries where economic life is highly developed, these cheques constitute the major part of circulating ...
متن کاملMoney in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium∗
We compare three pricing mechanisms for monetary economies: bargaining (search equilibrium); price taking (competitive equilibrium); and price posting (competitive search equilibrium). We do this in a framework that, in addition to considering different mechanisms, extends existing work on the microfoundations of money by allowing a general matching technology and endogenous entry. We study how...
متن کاملPrices and the Velocity of Money in Search Equilibrium
A monetary search model with match specific preferences and traded quantities is analyzed to assess how aggregate output, the price level and the velocity of money are affected by improvements in transaction versus productive technologies. The latter implies a systematic decline in prices and no prediction for monetary velocity, the former is ambiguous with respect to co-movements of output and...
متن کاملMoney in General Equilibrium Models
This essay describes and critically evaluates the important features of some approaches to the problem of incorporating money in general equilibrium models and ensuring a positive demand for money. The types of approaches considered are introducing money into the utility function, and modelling the transactions demand for money through the use of cash-in-advance constraints, real resource costs...
متن کاملMoney, Credit and Inventories in a Sequential Trading Model
I introduce inside money and serially correlated supply shocks to the Uncertain and Sequential Trading (UST) monetary model and test its implications using a vector auto regression impulse response analysis on post-war US data. I find that (a) The importance of money in predicting output is substantially reduced once the stock of inventories is added to the VAR system and (b) Shocks to inventor...
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ژورنال
عنوان ژورنال: Journal of Money, Credit and Banking
سال: 2000
ISSN: 0022-2879
DOI: 10.2307/2601237