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Self-confirming price dispersion in monetary economies

机译：货币经济中的自我确认价格分散

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摘要

In a monetary economy, we show that price dispersion arises as an equilibrium outcome without the need for costly simultaneous search or any heterogeneity in preferences, production costs, or search technologies. A distribution of money holdings among buyers makes sellers indifferent across a set of posted prices, leading to a non-degenerate price distribution. This price distribution, in turn, makes buyers indifferent across a range of money balances, rationalizing the non-degenerate distribution of money holdings. We completely characterize the distribution of posted prices and money holdings in any equilibrium. Equilibria with price dispersion admit higher maximum prices than observed in any single-price equilibrium and feature an increasing density of prices, in contrast to existing theories. Price dispersion reduces welfare by creating mismatch between posted prices and money balances. Inflation exacerbates this welfare loss by shifting the distribution towards higher prices. (C) 2019 Elsevier Inc. All rights reserved.
机译：在货币经济中，我们证明了价格分散是一种均衡结果，不需要昂贵的同时搜索或偏好，生产成本或搜索技术的任何异质性。买方之间持有货币的分布使卖方对一系列公布的价格无动于衷，导致价格分布不变性。反过来，这种价格分布使购买者对一系列货币余额无动于衷，使货币持有量的非退化分布合理化。我们完全刻画了任何均衡状态下发布价格和持有货币的分布。与现有理论相比，具有价格分散性的均衡所允许的最高价格要高于在任何单一价格均衡中所观察到的价格，并且具有更高的价格密度。价格分散会在发布的价格和货币余额之间造成不匹配，从而降低福利。通货膨胀使分配偏向高价，加剧了这种福利损失。 （C）2019 Elsevier Inc.保留所有权利。

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