A search theory of money and commerce with neoclassical production
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- dc.contributor.author Faig, Miquelca
- 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.date.modified 2017-07-23T02:06:21Z
- 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/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=567
- dc.identifier.uri http://hdl.handle.net/10230/1032
- 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.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- 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.title A search theory of money and commerce with neoclassical productionen
- dc.type info:eu-repo/semantics/workingPaper