On the micro-foundations of money : the Capitol Hill baby-sitting co-op
Working paper
Permanent lenke
http://hdl.handle.net/11250/163729Utgivelsesdato
2003-10Metadata
Vis full innførselSamlinger
- Discussion papers (FOR) [575]
Sammendrag
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.
Utgiver
Norwegian School of Economics and Business Administration. Department of Finance and Management ScienceSerie
Discussion paper2003:12