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A rudimentary random-matching model with divisible money and prices

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EJ Green… - Journal of Economic Theory, 1998 - Elsevier
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, exists with all trading occurring at a single price. There is ...
Cited by 150 - Related articles - BL Direct - All 15 versions

Individual and Aggregate Real Balances in a Random‐Matching Model

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R Zhou - International Economic Review, 1999 - Wiley Online Library
2. Abstract This article 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 ...
Cited by 88 - Related articles - Library Search - BL Direct - All 25 versions

Currency exchange in a random search model

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R Zhou - The Review of Economic Studies, 1997 - restud.oxfordjournals.org
Abstract This paper investigates foreign exchange trading, a phenomenon that typically
accompanies international trade. A search-theoretic general equilibrium approach is
adopted to study a two-country, two-currency model. For some parameter values of the ...
Cited by 70 - Related articles - BL Direct - All 6 versions

Dynamic monetary equilibrium in a random matching economy

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EJ Green… - Econometrica, 2002 - Wiley Online Library
This article concerns an infinite horizon economy where trade must occur pairwise, using a
double auction mechanism, and where fiat money overcomes lack of double coincidence of
wants. Traders are anonymous and lack market power. Goods are divisible and ...
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A model of a currency shortage

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N Wallace… - Journal of Monetary Economics, 1997 - Elsevier
Until the mid-19th century, shortages of currency were common. Moreover, a frequent policy
response was a prohibition on the export of coins. We use a random matching model with
indivisible money to explain a shortage and to judge the desirability of a prohibition on the ...
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MONEY AS A MECHANISM IN A BEWLEY ECONOMY*

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EJ Green… - International Economic Review, 2005 - Wiley Online Library
We investigate the efficiency property of a monetary economy with spot trade. We prove a
conjecture that is essentially due to Bewley (Models of Monetary Economics (1980);
Econometrica 51 (1983), 1485–504). The gist is that monetary spot trading is nearly ...
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A rudimentary model of search with divisible money and prices

E Green, R Zhou - 1996 - papers.ssrn.com
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 ...
Cited by 16 - Related articles - All 7 versions

Does commodity money eliminate the indeterminacy of equilibrium?

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R Zhou - Journal of Economic Theory, 2003 - Elsevier
Previous studies have shown that a random-matching model with divisible fiat money and
without constraint on agents' money inventories possesses a continuum of stationary single-
price equilibria. Wallace (J. Econom. Theory 81 (1998) 223) conjectures that the ...
Cited by 14 - Related articles - BL Direct - All 8 versions

[BOOK] Money as a mechanism in a Bewley economy

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EJ Green, R Zhou… - 2002 - minneapolisfed.org
Abstract We study what features an economic environment might possess, such that it would
be Pareto efficient for the exchange of goods in that environment to be conducted on spot
markets where those goods trade for money. We prove a conjecture that is essentially due ...
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[CITATION] Inventory Holdings of Money and Indeterminacy of Search Equilibrium

R Zhou - … . Philadelphia: University of Pennsylvania and Federal …, 1996
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Does commodity money eliminate the indeterminacy of equilibria?

R Zhou - Working Paper Series, 1999 - ideas.repec.org
Previous studies have shown that a random-matching model with divisible at money and
without constraint on agents' money inventories possesses a continuum of stationary single-
price equilibria. Wallace [7] conjectured that the indeterminacy can be eliminated by the ...
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[CITATION] Money and the Law of One Price: The Case without Discounting

E Green, R Zhou - Unpublished manuscript, 1998
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Money as a Mechanism in a Bewley Economy

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R Zhou, E Green - 2003 - papers.ssrn.com
Abstract: We study what features an economic environment might possess, such that it
would be Pareto efficient for the exchange of goods in that environment to be conducted on
spot markets where those goods trade for money. We prove a conjecture that is essentially ...
Cited by 2 - Related articles - All 13 versions

[CITATION] VMoney as a Mechanism in a Bewely Economy

E Green, R Zhou - V The International Economic Review, 2005
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[BOOK] Monetary Equilibrium from an Initial State: the Case Without Discounting

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EJ Green, R Zhou… - 1998 - Citeseer
Abstract This paper studies the existence of single-price price equilibrium from a given initial
distribution of money holdings in a search-theoretic model of money where agents have no
time preference. The model is similar to recent models (Green and Zhou [2] and Zhou [5]) ...
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Import price adjustments with staggered import contracts

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T Kollintzas… - Journal of Economic Dynamics and Control, 1992 - Elsevier
Abstract In this paper we develop a linear rational expectations equilibrium model of
staggered import contracts with incomplete exchange rate indexing to explain the slow and
moderate adjustment of import prices and quantities to exchange rate changes. The ...
Cited by 1 - Related articles - All 5 versions

EQUILIBRIUM LENDING MECHANISM AND AGGREGATE ACTIVITY*

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C Wang… - International Economic Review, 2010 - Wiley Online Library
We construct a model of the credit market where financial contracting is subject to costly
state verification and moral hazard. The economy's aggregate activity and its equilibrium
lending mechanism are determined jointly. We analyze how changes in the model's ...
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[PDF] Federal Reserve Bank of Chicago WP 2000-30

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C Wang… - 2000 - chicagofed.org
Abstract This paper develops a model of the credit market where the equilibrium lending
mechanism, as well as the economy's aggregate investment and output, are endogenously
determined. It predicts that the optimal contract is one of two kinds: either with intensive ...
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[PDF] Federal Reserve Bank of Chicago WP 1999-15

[PDF] from chicagofed.org
DCM Eliminate… - wwws.chicagofed.org
Abstract Previous studies have shown that a random-matching model with divisible fiat
money and without constraint on agents' money inventories possesses a continuum of
stationary single-price equilibria. Wallace [10] conjectures that the indeterminacy can be ...
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[CITATION] Optimal Monitoring and Financing

C Wang… - GSIA Working Papers, 1998 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
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[PDF] CARESS Working Paper# 95-17 A Rudimentary Model of Search with Divisible Money and Prices¤

[PDF] from psu.edu
EJ Green… - 1995 - Citeseer
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
equilibriums, indexed by the aggregate real-money stock, exist with all trading occurring at ...
Related articles - View as HTML - All 6 versions

[CITATION] Dynamic Monetary Equilibrium in

R Zhou - 2000
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[PDF] Federal Reserve Bank of Chicago WP 2000-01

[PDF] from oclc.org
RM Economy, E Green… - bibpurl.oclc.org
Abstract This article concerns an infinite horizon economy where trade must occur pairwise,
using a double auction mechanism, and where fiat money overcomes lack of double
coincidence of wants. Traders are anonymous and lack market power. Goods are divisible ...
Related articles - View as HTML - All 9 versions

[PDF] Federal Reserve Bank of Chicago WP 2001-17

[PDF] from chicagofed.org
EJ Green… - 2001 - chicagofed.org
Abstract This paper shows that one of the defining features of Walrasian equilibrium law of
one price characterizes equilibrium in a non-Walrasian environment of (1) random trade
matching without double coincidence of wants, and (2) strategic, price-setting conduct. ...
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[PDF] Money Among Mechanisms

[PDF] from bportugal.pt
EJ Green… - 2002 - bportugal.pt
Abstract We study what features an economic environment might possess, such that it would
be Pareto efficient for the exchange of goods in that environment to be conducted on spot
markets where those goods trade for money. We prove a conjecture that is essentially due ...
Related articles

Price level uniformity in a random matching model with perfectly patient traders

[PDF] from psu.edu
E Green, R Zhou - 2001 - papers.ssrn.com
Abstract: This paper shows that one of the defining features of Walrasian equilibrium-law of
one price-characterizes equilibrium in a non-Walrasian environment of (1) random trade
matching without double coincidence of wants, and (2) strategic, price-setting conduct. ...
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Perfectly competitive bilateral exchange without discounting

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EJ Green… - Journal of Monetary Economics, 2010 - Elsevier
In a random-matching economy of traders who maximize cumulative consumption
(overtaking criterion), the stationary, Markov, Bayesian-perfect equilibrium is studied. At such
equilibrium, two results hold:(1) perfect substitutability between current and future ...
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