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首页> 外文期刊>Journal of economic theory >Existence of a monetary steady state in a matching model: divisible money
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Existence of a monetary steady state in a matching model: divisible money

机译：匹配模型中货币稳态的存在：可分割货币

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摘要

Existence of a monetary steady state is established in a random matching model with divisible goods, divisible money, an arbitrary bound on individual money holdings, and take-it-or-leave-it offers by consumers. The monetary steady state shown to exist has nice properties: the value function, defined on money holdings, is strictly increasing and strictly concave, and the distribution over money holdings has full support. The approach is to show that the "limit" of the nice steady states for indivisible money, existence of which was established in an earlier paper, as the unit of money goes to zero is a monetary steady state for divisible money. For indivisible money, the marginal utility of consumption at zero was assumed to be large; for divisible money it is assumed to be large and finite.
机译：货币稳态的存在是建立在一个随机匹配模型中，该模型具有可分割的商品，可分割的货币，对个人货币持有量的任意约束以及消费者接受或接受的报价。所显示的存在的货币稳态具有良好的特性：在货币持有量上定义的价值函数严格增加且严格凹进，货币持有量的分布得到充分支持。该方法表明，对于不可分割的货币来说，良好的稳态的“极限”是在较早的论文中建立的，因为货币单位为零，这是可分割的货币的货币稳态。对于不可分割的货币，假定零消费的边际效用很大；对于可分割的货币，假定它是大而有限的。

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