Title of article
The essentialityofmoneyinenvironmentswithcentralizedtrade
Author/Authors
Luis Araujo، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2012
Pages
10
From page
612
To page
621
Abstract
LagosandWright(2005) introducedaninfluentialmodelofmonetaryexchangeinwhich
trade alternatesbetweencentralizedanddecentralizedmarketsandmoneyisessential.
A limitationoftheirmodelandoftheliteraturethatfollowsisthattheydonotprovidea
microfoundationfortheprocessofexchangeinthecentralizedmarket.Inthispaper,we
show thathowonemodelsexchangeinthecentralizedmarketmattersforthe
essentialityofmoneybydescribingthecentralizedmarketasastrategicmarketgame
and studyingconditionsunderwhichmoneyisessential
Journal title
Journal of Monetary Economics
Serial Year
2012
Journal title
Journal of Monetary Economics
Record number
846546
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