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Nominal uniqueness and money non-neutrality in the limit-price exchange process

机译：限价交易过程中的名义唯一性和货币非中立性

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摘要

We define continuous-time dynamics for exchange economies with fiat money. Traders have locally rational expectations, face a cash-in-advance constraint, and continuously adjust their short-run dominant strategy in a monetary strategic market game involving a double-auction with limit-price orders. Money has a positive value except on optimal rest-points where it becomes a “veil” and trade vanishes. Typically, there is a piecewise globally unique trade-and-price curve both in real and in nominal variables. Money is not neutral, either in the short-run or long-run and a localized version of the quantity theory of money holds in the short-run. An optimal money growth rate is derived, which enables monetary trade curves to converge towards Pareto optimal rest-points. Below this growth rate, the economy enters a (sub- optimal) liquidity trap where monetary policy is ineffective; above this threshold inflation rises. Finally, market liquidity, measured through the speed of real trades, can be linked to gains-to-trade, households’ expectations, and the quantity of circulating money.
机译：我们为具有法定货币的交换经济定义了连续时间动态。交易者具有局部理性的期望，面临提前现金限制，并在涉及带有限价订单的双重拍卖的货币战略市场游戏中不断调整其短期主导策略。货币具有正值，除了在最佳休止点上，它成为“面纱”且交易消失了。通常，在实际变量和名义变量中都存在分段的全局唯一交易价格曲线。货币在短期或长期内都不是中立的，而货币数量论的本地化版本在短期内适用。得出了最佳货币增长率，这使货币贸易曲线可以收敛至帕累托最优休息点。低于此增长率，经济将进入（次优）流动性陷阱，货币政策将无效。高于此阈值，通货膨胀率上升。最后，通过真实交易的速度来衡量的市场流动性可以与交易收益，家庭的期望以及流通货币的数量联系起来。

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