A Berentsen, G Camera… - Journal of Economic Theory, 2007 - Elsevier
In monetary models where agents are subject to trading shocks there is typically an ex post
inefficiency since some agents are holding idle balances while others are cash constrained.
This problem creates a role for financial intermediaries, such as banks, who accept ...
G Camera… - International Economic Review, 1999 - Wiley Online Library
2. Abstract We relax restrictions on the storage technology in a prototypical monetary search
model to study price dispersion. In this case, buyers and sellers enter matches with
potentially different willingness to trade. Across the distribution of possible bilateral ...
A Berentsen, G Camera… - International Economic …, 2005 - Wiley Online Library
Berentsen, A., Camera, G. and Waller, C.(2005), THE DISTRIBUTION OF MONEY
BALANCES AND THE NONNEUTRALITY OF MONEY. International Economic Review, 46:
465–487. doi: 10.1111/j. 1468-2354.2005. 00329. x
CD Aliprantis, G Camera… - Journal of Monetary Economics, 2007 - Elsevier
We study infinite-horizon monetary economies characterized by trading frictions that
originate from random pairwise meetings, and commitment and enforcement limitations. We
prove that introducing occasional trade in 'centralized markets' opens the door to an ...
G Camera, RR Reed… - International Economic …, 2003 - Wiley Online Library
We consider a model of decentralized exchange where individuals choose the set of goods
they produce. Specialization involves producing a smaller set of goods and doing it more
proficiently. In doing so, agents reduce production costs, but also reduce the ease of ...
CD Aliprantis, G Camera… - Economic Theory, 2006 - Springer
Abstract This work introduces a set-theoretic foundation of deterministic bilateral matching
processes and studies their properties. In particular, it formalizes a link between matching
and informational constraints by developing a notion of anonymity that is based on the ...
P Boel… - Journal of Monetary Economics, 2006 - Elsevier
We construct a monetary economy with heterogeneity in discounting and consumption risk.
Agents can insure against this risk with money and nominal government bonds, but all
trades must be monetary. We demonstrate that a deflationary policy à la Friedman cannot ...
CD Aliprantis, G Camera… - Econometrica, 2007 - Wiley Online Library
THE MODEL OF LAGOS AND WRIGHT (2005) alters the meeting friction of the typical
search model of money to obtain degeneracy in equilibrium holdings and enhance
analytical tractability. It introduces a round of Walrasian “centralized” trading after each ...
G Camera, B Craig… - Journal of International Economics, 2004 - Elsevier
We study how two fiat monies, one safe and one risky, compete in a decentralized trading
environment. The currencies' equilibrium values, their transaction velocities and agents'
spending patterns are endogenously determined. We derive conditions under which ...
A Berentsen, G Camera… - Recent Developments on Money and …, 2006 - Springer
We construct a tractable 'fundamental'model of money with 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 ...
G Camera… - Journal of the European Economic …, 2009 - Wiley Online Library
Abstract We present a model that generates empirically plausible price distributions in
directed search equilibrium. There are many identical buyers and many identical capacity-
constrained sellers who post prices. These prices can be renegotiated to some degree ...
G Camera… - The American Economic Review, 2009 - ingentaconnect.com
Abstract: We study the emergence of norms of cooperation in experimental economies
populated by strangers interacting indefinitely. Can these economies achieve full efficiency
even without formal enforcement institutions? Which institutions for monitoring and ...
G Camera - Macroeconomic Dynamics, 2000 - Cambridge Univ Press
I examine the robustness of monetary equilibria in a random-matching model, where a more
efficient mechanism for trade is available. Agents choose between two trading sectors: the
search and the intermediated sector. In the former, trade partners arrive randomly and ...
G Camera, C Noussair… - Economic Theory, 2003 - Springer
Summary. One of the main challenges for monetary economics is to explain the use of
assets that are dominated in rate-of-return as media of exchange. We use experimental
methods to study how a fiat money might come to be used in transactions when an ...
CD Aliprantis, G Camera… - Games and Economic Behavior, 2007 - Elsevier
We develop theoretical underpinnings of pairwise random matching processes. We
formalize the mechanics of matching, and study the links between properties of the different
processes and trade frictions. A particular emphasis is placed on providing a mapping ...
[CITATION] Chris Waller (2007).“Money, Credit, and Banking,”
A Berentsen… - Journal of Economic Theory
G Camera… - Review of Economic Dynamics, 2004 - Elsevier
We endogenize the trade mechanism in a search economy with many homogeneous sellers
and many heterogeneous buyers of unobservable type. We study how heterogeneity and
the traders' continuation values—which are endogenous—influence the sellers' choice of ...
G Camera - Journal of Monetary Economics, 2001 - Elsevier
An inter-governmental body is encouraging the replacement of currency with the objective of
discouraging illegal economic activities. This policy is analyzed in a search-theoretic model
where individuals choose legal or illegal production, settle trades via monetary or costly ...
W Blankenau… - Review of Economic Dynamics, 2006 - Elsevier
We propose a model of schooling that can account for the observed heterogeneity in
workers' productivity and educational attainment. Identical unskilled agents can get a degree
at a cost, but becoming skilled entails an additional unobservable effort cost. Individual ...
W Blankenau… - Economica, 2009 - Wiley Online Library
We build a model where homogeneous workers can accumulate human capital by investing
in education. Schools combine public resources and individual effort to generate productive
skills. If skills are imperfectly compensated, then in equilibrium students may under-invest ...
P Boel… - Journal of Monetary Economics, 2009 - Elsevier
The welfare cost of anticipated inflation is quantified in a calibrated model of the US
economy that exhibits tractable equilibrium dispersion in wealth and earnings. Inflation does
not generate large losses in societal welfare, yet its impact varies noticeably across ...
G Camera… - Journal of Monetary Economics, 2003 - Elsevier
We endogenize circulation of currencies and price formation in a decentralized trading
environment with two countries and two currencies. In equilibrium sellers of homogeneous
goods may post prices in the national or also in the foreign currency, given unobservable ...
G Camera - Review of Economic Dynamics, 2001 - Elsevier
I study a search-theoretic model with pairwise meetings where dealers arise endogenously.
The extent of intermediation depends on its cost, trade frictions, and the dealers' ability to
negotiate favorable terms of trade. Under Nash bargaining, there is a unique equilibrium ...
G Camera, B Craig… - Unpublished working paper, …, 2001 - clevelandfed.org
We study currency substitution from first principles in order to study how government policies
affect the extent of dollarization. Using a dual currency search model where agents are
allowed to hold currency portfolios to buy goods, we analyze an agentGs choice to spend ...
CD Aliprantis, G Camera… - Journal of Economic Dynamics and …, 2009 - Elsevier
In this study we offer a new approach to proving the differentiability of the value function,
which complements and extends the literature on dynamic programming. This result is then
applied to the analysis of equilibrium in the recent class of monetary economies ...
G Camera… - Unpublished manuscript, Purdue …, 2007 - 199.169.243.129
Abstract We assess the long-run impact of inflation on economic activity in a model with
frictions in trade and in financial intermediation. Intermediaries transform liabilities into
commercial loans for working capital. In equilibrium inflation impairs this asset ...
G Camera… - 2007 - papers.ssrn.com
Abstract: We study the emergence of norms of cooperation in experimental economies
populated by strangers interacting indefinitely and lacking formal enforcement institutions. In
all treatments the efficient outcome is sustainable as an equilibrium. We address the ...
G Camera… - 2001 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to view
it first. In case of further problems read the IDEAS help page. Note that these files are not on the
IDEAS site. Please be patient as the files may be large. ... Paper provided by Purdue ...
G Camera - Economic Theory, 2005 - Springer
Summary. I highlight the importance of the distributional aspects of money's divisibility by
comparing a search-theoretic model with random transfers of indivisible money balances, to
one with deterministic transfers of partially divisible balances. Randomization allows price ...
[CITATION] Productive Education or a Marketable Degree?
W Blankenau… - PAPER-INSTITUTE FOR …, 2001 - PURDUE UNIVERSITY
G Camera… - Econometric Society World Congress 2000 …, 2000 - ideas.repec.org
We study endogenous currency substitution in a decentralized trade environment. Sellers
maximize profits from sales of imperfectly substitutable goods by posting prices in either one
of two currencies. A unique symmetric equilibrium exists where goods are priced only in ...
G Camera… - Manuscript, June, 2003 - econ.sinica.edu.tw
Abstract We study an economy with frictions, where agents choose between spot exchange
or intermediated credit trades. Default may arise due to commitment and enforcement
limitations, and imperfections in the intermediation technology. Debt obligations are ' ...
[CITATION] On the Distribution of Money and Prices with Search
G Camera… - Manuscript. Iowa City: University of Iowa, 1996
VR Bencivenga… - Journal of Money, Credit and …, 2011 - Wiley Online Library
1. We thank two anonymous referees for helpful comments that have substantially improved
the paper. We thank Todd Keister for an insightful discussion, and D. Altig, D. Backus, R.
Cavalcanti, D. Corbae, M. Feldman, E. Green, N. Kocherlakota, D. Levine, A. Martin, R. ...
V Bencivenga… - Unpublished manuscript, 2007 - soegw.org
This paper introduces banks closely resembling those of Diamond and Dybvig (1983) 2 into
a model based on Lagos and Wright (2005). Here banks provide insurance against the
random need for liquidity in the decentralized market. A bank is a coalition of agents that ...
[CITATION] Banks and liquidity insurance in a matching model of money
V Bencivenga… - Manuscript, University of Texas at Austin and Purude …, 2007
G Camera… - Journal of Money Credit and Banking, 2006 - pantherfile.uwm.edu
In a random-matching monetary economy, efficient and inefficient sellers choose between
home or market production. Since inefficient sellers bargain up their prices, two equilibria
may exist—with high or low market participation—depending on extent of heterogeneity ...
[CITATION] iMoney
A Berentsen, G Camera… - Credit and Banking, jJournal of Economic …, 2007
[CITATION] Christopher Waller, 2004,“The distribution of money and prices in an equilibrium with lotteries,”
A Berentsen… - Economic Theory
G Camera, B Craig… - 2001 - docs.lib.purdue.edu
Abstract We develop a dual currency search model where agents can hold currency
portfolios to buy goods, and analyze an agent's choice to spend safe dollars or risky home
currency for internal trade. We focus on two equilibria: a currency competition equilibrium, ...
[CITATION] 0Endogenous Selection of a Trade Mechanism in a SearchMTheoretic Environment
C Gabriele… - 2001
G Camera… - Purdue University, 2011 - acrobatplanet.com
Abstract The impact of long-run inflation is studied in heterogeneous-agent monetary
economies. The endogenous distributions of savings and consumption are numerically
characterized in stationary equilibrium. Four main findings emerge. First, inflating through ...
[CITATION] Dirty Money
C Gabriele - Journal of Monetary Economics, 2001
G Camera, M Casari… - Quaderni DSE Working Paper No. …, 2011 - papers.ssrn.com
Abstract: Social norms of cooperation are studied under several forms of communication. In
an experiment, strangers could make public statements before playing a prisoner's dilemma.
The interaction was repeated indefinitely, which generated multiple equilibria.
G Camera… - Unpublished manuscript, 2000 - fmwww.bc.edu
Abstract. We study endogenous currency substitution in a decentralized trade environment.
Sellers maximize profits from sales of imperfectly substitutable goods by posting prices in
either one of two currencies. A unique symmetric equilibrium exists where goods are ...
P Boel… - Macroeconomic Dynamics, 2011 - Cambridge Univ Press
The welfare cost of anticipated inflation is quantified in a matching model of money
calibrated to 23 different OECD countries for several sample periods. In most economies, in
the common period 1978–1998, a representative agent would give up only a fraction of 1 ...
G Camera… - Review of Economic Dynamics, 2010 - Elsevier
We study equilibrium prices and trade volume in a market with several identical buyers and
a seller who commits to an inventory and then offers goods sequentially. Prices are
determined by a strategic costly bargaining process with a random sequence of ...
A Berentsen, G Camera… - Economic Theory ( …, 2003 - economics.uwo.ca
Abstract 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 searchMtheoretic model of money where agents can hold multiple units of ...
G Camera… - Quaderni DSE Working Paper No. 754, 2011 - papers.ssrn.com
Under what conditions can cooperation be sustained in a network of strangers? Here we study
the role of institutions and uncover a new behavioral foundation for the use of monetary
systems. In an experiment, anonymous subjects could cooperate or defect in bilateral ...
G Camera… - Journal of Money, Credit and Banking, 2008 - Wiley Online Library
1. We are indebted to two anonymous referees for several helpful suggestions that improved
the exposition of the paper. We also thank Will Roberds as well as participants in the
meetings of the SED 2001, Midwest Macro 2002, Econometric Society Summer 2002, ...
[CITATION] Money, Credit and Banking', forthcoming, Journal of Economic Theory
A Berentsen, G Camera… - 2005
CD Aliprantis, G Camera… - … Economics Working Papers, 2003 - eea-esem.com
ABSTRACT: This work introduces a rigorous set-theoretic foundation of bilateral matching
mechanisms and studies their properties in a systematic manner. By providing a unified
framework to study bilateral matching mechanisms, we formalize how different spatial/ ...
[CITATION] Endogenous selection of a trade mechanism in a search-theoretic environment
G Camera… - 2001 - manuscript
G Camera, RR Reed… - Economics Letters, 2003 - Elsevier
In decentralized trade individuals self-insure against consumption risk via costly
diversification of skills. Although money acts as consumption insurance, it may lead to a
moral hazard problem. If the problem is severe, monetizing trade can lower welfare ...
CD Aliprantis, G Camera… - Journal of Mathematical Economics, 2007 - Elsevier
We develop a general procedure to construct pairwise meeting processes characterized by
two features. First, in each period the process maximizes the number of matches in the
population. Second, over time agents meet everybody else exactly once. We call this type ...
G Camera… - Purdue University Economics Working …, 2006 - ideas.repec.org
We study equilibrium prices and trade volume with n identical buyers and a seller who
initially commits to some capacity. Sales are sequential and each price is determined by
strategic bargaining. A unique sub-game perfect equilibrium exists. It is characterized by ...
G Camera, M Casari… - 2012 - krannert.purdue.edu
Abstract We study cooperation in economies of indefinite duration. Participants faced a
sequence of prisoner's dilemmas with anonymous opponents. We identify and characterize
the strategies employed at the individual level. We report that (i) grim trigger does not ...
P Boel… - 2004 - krannert.purdue.edu
We construct a monetary economy with heterogeneity in discounting and consumption risk.
Agents can insure against this risk with both money and nominal government bonds, but all
trades must be monetized. We demonstrate that a deflationary policy à la Friedman cannot ...
G Camera… - Purdue University Economics …, 2001 - econpapers.repec.org
By G. Camera and William Blankenau; Abstract: Using a search-theoretic model where education's
productive role is endogenous, we study the theoretical ramifications.
CD Aliprantis… - Macroeconomic Dynamics, 2009 - Cambridge Univ Press
Abstract This paper introduces a method of optimization in infinite-horizon economies based
on the theory of correspondences. The proposed approach allow us to study time-separable
and non-time-separable dynamic economic models without resorting to fixed point ...
[CITATION] Extending the monetary search environment
G Camera - 1997 - University of Iowa
[CITATION] Recent developments on money and finance [electronic resource]: exploring links between market frictions, financial systems, and monetary allocations
CD Aliprantis, G Camera… - 2006 - Springer
P Boel… - 2007 - depts.drew.edu
Abstract We quantify the welfare cost of inflation in a calibrated heterogeneous-agent model
of the US economy. There are three main findings. Inflation has a small social cost; for
instance, on average agents would give up less than one percent consumption to avoid ...
G Camera - Recent Developments on Money and Finance, 2006 - Springer
This book assembles some current theoretical work on monetary theory, banking, and
finance. The papers published in this collection span a wide variety of themes, from
monetary policy to the optimal design of financial systems, from the study of the causes of ...
G Camera… - iiw.uni-bonn.de
Abstract This paper offers a methodological contribution to monetary theory. First, it presents
a typical cash-in-advance model based on Lucas (1984) and then specializes it to
preferences and shocks assumed in the model of Lagos and Wright (2005). Second, it ...
CD Aliprantis, G Camera… - Economics Letters, 2008 - Elsevier
Replacing f by f − f(0), we can assume without loss of generality that the production function satisfies
f(0) = 0 (and still satisfies the Inada conditions). Clearly, the functions f(x) = x α , where 0 < α <
1, are all production functions satisfying the Inada conditions. The key point is that every ...
G Camera - 2006 - books.google.com
This book assembles current theoretical contributions to monetary theory, banking and
finance. The papers published in this collection span a wide variety of themes, from
monetary policy to the optimal design of financial systems, from the study of the causes of ...
G Camera… - 2004 Meeting Papers, 2004 - ideas.repec.org
In this preliminary version we consider different types of ex-ante heterogeneity (production
cost, preferences, market access, etc.) in a Lagos-Wright (2003) framework. Such
heterogeneity generates equilibrium inequality in nominal wealth, or money holdings. We ...
[CITATION] Home Contact Information: Office Contact Information
P Officer…
G Camera… - European Economic Review, 2007 - Elsevier
This paper shows that fiat money can be feasible and essential even if the trading horizon is
finite and deterministic. The result hinges on two features of our model. First, individual
actions can affect the future availability of productive resources. So, agents may be willing ...
G Camera… - 2004 - krannert.purdue.edu
Abstract We study a market where identical capacity-constrained sellers compete to attract
identical buyers, via price advertisements. Once buyers reach a store, prices might be
renegotiable in a manner that is responsive to excess demand. We focus on strongly ...
G Camera… - csef.it
Abstract We study experimental economies of indefinite duration where randomly matched
subjects have an opportunity to cooperate. We evaluate how knowledge of past behavior
(recordkeeping) affects outcomes relative to a baseline treatment where opponents' past ...
C Gabriele… - 1999 - docs.lib.purdue.edu
Abstract We study endogenous currency substitution in a decentralized trade environment.
Sellers maximize profits from sales of imperfectly substitutable goods by posting prices in
either one of two currencies. A unique symmetric equilibrium exists where goods are ...
[CITATION] Symposium in Honor of Bruce D. Smith: Recent Developments in Money and Finance
Symposium in Honor of Bruce D. Smith: Recent … - 2004 - Springer
G Camera… - 2011 - chicagofed.org
Page 1. Understanding the Distributional Impact of Long-Run Inflation Gabriele Camera
YiLi Chien Purdue University Purdue University August 2011 Page 2. BROAD VIEW Study
impact of macroeconomic policy in heterogeneous-agent economies ...
G Camera, M Casari… - econ-pol.unisi.it
Abstract We study cooperation in economies where strangers indefinitely play a prisoner's
dilemma. Through experiments with undergraduates, MBAs, and clerical workers we identify
and characterize the strategies employed. We find that (i) only a minority of subjects ...
G Camera… - 2002 - clevelandfed.org
Abstract We study an economy with frictions, where agents choose between spot exchange
or inM termediated credit trades. Strategic default may arise due to commitment and
enforcement limitations, and imperfections in the intermediation technology. Debt ...
C Waller, A Berentsen… - International economic …, 2005 - dialnet.unirioja.es
... THE DISTRIBUTION OF MONEY BALANCES AND THE NONNEUTRALITY OF MONEY. Autores:
Christopher Waller, Aleksander Berentsen, Gabriele Camera; Localización: International economic
review , ISSN 0020-6598, Nº. 2, 2005 , págs. 465-487. Fundación Dialnet. ...
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