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On the micro-foundations of money : the Capitol Hill baby-sitting co-op

Hens, Thorsten; Schenk-Hoppé, Klaus Reiner; Vogt, Bodo
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URI
http://hdl.handle.net/11250/163729
Date
2003-10
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  • Discussion papers (FOR) [556]
Abstract
This paper contributes to the micro-foundation of money in centralized markets with idiosyncratic uncertainty. It shows existence of stationary monetary equilibria and ensures that there is an optimum quantity of money. The rational solution of our model is compared with actual behavior in a laboratory experiment. The experiment gives support to the theoretical approach.
Publisher
Norwegian School of Economics and Business Administration. Department of Finance and Management Science
Series
Discussion paper
2003:12

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