Multiplicity of monetary steady states

Ryoji Hiraguchi; Keiichiro Kobayashi

doi:10.1016/j.econlet.2014.12.036

Multiplicity of monetary steady states

Ryoji Hiraguchi, Keiichiro Kobayashi

Department of Economic

Research output: Contribution to journal › Article › peer-review

Abstract

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 language	English
Pages (from-to)	93-96
Number of pages	4
Journal	Economics Letters
Volume	127
DOIs	https://doi.org/10.1016/j.econlet.2014.12.036
Publication status	Published - 2015 Feb 1

Keywords

Bargaining
E1
Multiple equilibria
Search

ASJC Scopus subject areas

Finance
Economics and Econometrics

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10.1016/j.econlet.2014.12.036

Cite this

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abstract = "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.",

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JO - Economics Letters

JF - Economics Letters

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Multiplicity of monetary steady states

Abstract

Keywords

ASJC Scopus subject areas

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