Multiplicity of monetary steady states

Ryoji Hiraguchi, Keiichiro Kobayashi

Research output: Contribution to journalArticlepeer-review


We investigate a monetary model in which the centralized market opens once, but the decentralized markets open twice in each period. We show that there may be multiple stationary equilibria.

Original languageEnglish
Pages (from-to)93-96
Number of pages4
JournalEconomics Letters
Publication statusPublished - 2015 Feb 1


  • Bargaining
  • E1
  • Multiple equilibria
  • Search

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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