English, Article, Journal or magazine article edition: A Search Theory of Money and Commerce with Neoclassical Production Miquel Faig

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Bookmark: http://trove.nla.gov.au/version/153058
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A Search Theory of Money and Commerce with Neoclassical Production
Author
  • Miquel Faig
Physical Description
  • preprint
Notes
  • 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.
  • RePEc:upf:upfgen:567
  • 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 in ation on capital accumulation and welfare. With realistic parameters, in ation 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, in ation depresses capital and output and has a negligible effecton welfare. (Keywords: search, money, commerce, in ation, neoclassical production, capital accumulation, optimum quantity of money.)
  • RePEc:tor:tecipa:faig-01-01
Language
  • English
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