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A search theory of money and commerce with Neoclassical production

Mostra el registre parcial de l'element Faig, Miquel
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa 2017-07-26T10:49:03Z 2017-07-26T10:49:03Z 2001-09-01
dc.description.abstract This paper advances a highly tractable model with search theoretic foundations for money and neoclassical growth. In the model, manufacturing and commerce are distinct and separate activities. In manufacturing, goods are efficiently produced combining capital and labor. In commerce, goods are exchanged in bilateral meetings. The model is applied to study the effects of inßation on capital accumulation and welfare. With realistic parameters, inflation has large negative effects on welfare even though it raises capital and output. In contrast, with cash-in-advance, a device informally motivated with bilateral trading, inflation depresses capital and output and has a negligible effect on welfare.
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 567
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.title A search theory of money and commerce with Neoclassical production
dc.type info:eu-repo/semantics/workingPaper 2017-07-23T02:06:21Z
dc.subject.keyword search
dc.subject.keyword money
dc.subject.keyword commerce
dc.subject.keyword inflation
dc.subject.keyword neoclassical production
dc.subject.keyword capital accumulation
dc.subject.keyword optimum quantity of money
dc.subject.keyword Macroeconomics and International Economics
dc.rights.accessRights info:eu-repo/semantics/openAccess

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