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Berentsen, Aleksander; Camera, Gabriele; Waller, Christopher (2004). The Distribution of Money and Prices in an Equilibrium with Lotteries. Working paper series / Institute for Empirical Research in Economics No. 174, University of Zurich.
We construct a tractable model of divisible money and equilibrium heterogeneity in money balances and prices. We do so by considering randomized monetary trades in a standard search-theoretic model of money where agents can hold multiple units of indivisible 'tokens'. By studying a simple trading pattern, we can generate monetary distributions that match those observed in numerically simulated economies with fully divisible money and price heterogeneity.
| Item Type: | Working Paper |
|---|---|
| Communities & Collections: | 03 Faculty of Economics > Department of Economics
Working Paper Series > Institute for Empirical Research in Economics (former) |
| Dewey Decimal Classification: | 330 Economics |
| Scope: | Discipline-based scholarship (basic research) |
| Language: | English |
| Date: | January 2004 |
| Deposited On: | 29 Nov 2011 22:32 |
| Last Modified: | 06 Apr 2024 01:39 |
| Series Name: | Working paper series / Institute for Empirical Research in Economics |
| ISSN: | 1424-0459 |
| OA Status: | Green |
| Other Identification Number: | merlin-id:5662 |
Berentsen, Aleksander