Aliprantis, Charalambos D.
[Verfasser:in]
;
Camera, Gabriele
[Sonstige Person, Familie und Körperschaft];
Puzzello, Daniela
[Sonstige Person, Familie und Körperschaft]
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 22, 2014 erstellt
Beschreibung:
The model of Lagos and Wright [9] alters the meeting friction of the typical search model of money to obtain degeneracy in equilibrium holdings and enhance analytical tractability. It introduces a round of Walrasian ‘centralized' trading after each round of bilateral random ‘decentralized' trading. The basic premise is that, although the population meets repeatedly in the centralized market, anonymity and random pairings are frictions sufficient for money to be essential (see [9, p. 466] or [11, p. 175]; for the essentiality see [6, 8])