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Identifier to cite or link to this item: https://hdl.handle.net/10086/30105

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Title
Market Structure and Indeterminacy of Stationary Equilibria in a Decentralized Monetary Economy
Creator
Creator Name
Kubota, So Kubota, So
久保田, 荘 久保田, 荘
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
Hitotsubashi Institute for Advanced Study, Hitotsubashi University
Key Word
search theory
money
indeterminacy
JEL
D31
D51
D83
E41
Abstract
This study investigates which market structure gives rise to indeterminacy of stationary equilibria in a decentralized economy with non-degenerate distributions of money holdings. I develop a price-posting model with divisible money and then, examine two alternative markets: a pairwise random matching market and a many-to-many exchange. Importantly, the former market balances the number of matched buyers and sellers by definition. As a result, indeterminacy arises under the pairwise matching while a unique equilibrium exists in the many-to-many market. This balancing assumption also leads to the indeterminacy in a Walrasian market.
Publisher
Hitotsubashi Institute for Advanced Study, Hitotsubashi University
Issued Date
2019-03
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Discussion paper series ; No. HIAS-E-84
Number of Pages
29
Sponsorship
I also acknowledge financial support from The Nakajima Foundation.
Appears in Collections
Discussion paper series / Hitotsubashi Institute for Advanced Study, Hitotsubashi University
URL
https://hdl.handle.net/10086/30105