"Stationary Monetary Equilibria with Strictly Increasing Value Functions and Non-Discrete Money Holdings Distributions: An Indeterminacy Result" Kamiya, Kazuya; Takashi Shimizu

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Kamiya, Kazuya ; Takashi Shimizu
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Journal of Economic Theory
Universities and colleges -- Analysis; real indeterminacy; Colleges, Universities, and Professional Schools
To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.jet.2011.05.012 Byline: Kazuya Kamiya (a), Takashi Shimizu (b) Keywords: Real indeterminacy; Random matching; Money Abstract: In this paper, we present a search model with divisible money in which there exists a continuum of monetary equilibria with strictly increasing continuous value functions and with non-discrete money holdings distributions. Author Affiliation: (a) Faculty of Economics, University of Tokyo, Bunkyo-ku, Tokyo 113-0033, Japan (b) Faculty of Economics, Kansai University, 3-3-35 Yamate-cho, Suita-shi, Osaka 564-8680, Japan Article History: Received 28 February 2009; Revised 30 March 2010; Accepted 26 March 2011 Article Note: (footnote) [star] The authors would like to acknowledge two anonymous referees, the editor, Edward Green, and Ruilin Zhou. This research is financially supported by Kansai UniversityE1/4s Overseas Research Program for the year of 2009 and Grant-in-Aid for Scientific Research from JSPS and MEXT. Of course, any remaining error is our own.
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