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The Distribution of Money and Prices in an Equilibrium with Lotteries
Berentsen, Aleksander; Camera, Gabriele; Waller, Christopher - Institut für Volkswirtschaftslehre, …
by considering randomized monetary trades in a standard search-theoretic model of money where agents can hold multiple …
Persistent link: https://www.econbiz.de/10005463523
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Money and the Gains from Trade
Berentsen, Aleksander; Rocheteau, Guillaume - Institut für Volkswirtschaftslehre, …
This paper studies the role of money in environments where in each meeting there is a double coincidence of real wants. Traders who meet at random finance their purchases through current production, the sale of divisible money or both. It is shown that in the absence of valued money if traders...
Persistent link: https://www.econbiz.de/10005463533
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Friedman Meets Hosios: Efficiency in Search Models of Money
Berentsen, Aleksander; Rocheteau, Guillaume; Shi, Shouyong - Institut für Volkswirtschaftslehre, …
In this paper we study the inefficiencies of the monetary equilibrium and optimal monetary policies in a search economy … trade and an inefficient number of trades (or search decisions). The Friedman rule eliminates the first inefficiency and the … order to internalize all search externalities. …
Persistent link: https://www.econbiz.de/10005184878
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Monetary Policy in a Channel System
Berentsen, Aleksander; Monet, Cyril - Institut für Volkswirtschaftslehre, … - 2006
This paper studies the theoretical properties of a channel system of interestrate control in a dynamic general equilibrium model. Agents are subject to liquidity shocks which can be partially insured in a secured money market, or at a standing facility operated by the central bank. We show that...
Persistent link: https://www.econbiz.de/10005040818
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On the Friedman Rule in Search Models with Divisible Money
Berentsen, Aleksander; Rocheteau, Guillaume - Institut für Volkswirtschaftslehre, …
This paper studies the validity of the Friedman rule in a search model with divisible money and divisible goods where …
Persistent link: https://www.econbiz.de/10005627792
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Money and Information
Berentsen, Aleksander; Rocheteau, Guillaume - Institut für Volkswirtschaftslehre, …
This paper investigates the role of fiat money in decentralized markets, where producers have private information about the quality of the goods they supply. Money is divisible, terms of trade are determined endogenously, and agents can finance their consumption with money or with real...
Persistent link: https://www.econbiz.de/10005627913
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On the Efficiency of Monetary Exchange:How Divisibility of Money Matters
Berentsen, Aleksander; Rocheteau, Guillaume - Institut für Volkswirtschaftslehre, …
consumption decisions in search-theoretic models of money. Our framework potentially generates three types of inefficiencies: the …
Persistent link: https://www.econbiz.de/10005628005
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Happiness Research: State and Prospects
Frey, Bruno S. - Institut für Volkswirtschaftslehre, …
Distortions in memory impose important bounds on rationality but have been largely disregarded in economics. While it is possible to learn, it is more difficult, and sometimes impossible, to unlearn. This retention effect lowers individual utility directly or via reduced productivity, and adds...
Persistent link: https://www.econbiz.de/10005184893
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Harmful signaling in matching markets
Kushnir, Alexey - Institut für Volkswirtschaftslehre, … - 2010
Some labor markets have recently developed formal signaling mechanisms, e.g. the signaling for interviews in the job market for new Ph.D. economists. We evaluate the effect of such mechanisms on two-sided matching markets by considering a game of incomplete information between firms and workers....
Persistent link: https://www.econbiz.de/10008642479
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Multiple Losses, Ex-Ante Moral Hazard, and the Non-Optimality of the Standard Insurance Contract
Breuer, Michael - Institut für Volkswirtschaftslehre, … - 2003
Under certain conditions the optimal insurance policy will offer full coverage above a deductible, as Arrow and others have shown long time ago. Interestingly, the same design of insurance policies applies in case of a single loss and ex-ante moral hazard. However, many insurance policies...
Persistent link: https://www.econbiz.de/10005756584