| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8200 |
| DP8200 Equilibrium selection in a fundamental model of money | |
| Bernardo Guimaraes; Luis Araujo | |
| 发表日期 | 2011-01-17 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Fundamental models of money always exhibit autarkic equilibria where money has no value. In this paper we propose a simple procedure to select among equilibria in such models. Our procedure unveils a natural mapping between equilibrium behavior and the primitives of the economy, thus offering insights on the conditions under which money emerges as a medium of exchange. Overall, our results favour money over autarky, especially if agents are patient. |
| 主题 | International Macroeconomics |
| 关键词 | Equilibrium selection Money Risk-dominance Search |
| URL | https://cepr.org/publications/dp8200 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537036 |
| 推荐引用方式 GB/T 7714 | Bernardo Guimaraes,Luis Araujo. DP8200 Equilibrium selection in a fundamental model of money. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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