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A search theory of money and commerce with neoclassical production

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dc.contributor.author Faig, Miquel
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned 2017-07-26T10:49:03Z
dc.date.available 2017-07-26T10:49:03Z
dc.date.issued 2001-09-01
dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=567
dc.identifier.uri http://hdl.handle.net/10230/1032
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.format.mimetype application/pdf
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.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title A search theory of money and commerce with neoclassical production
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 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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