A comment on: 'Efficient propagation of shocks and the optimal return on money'

Lotteries are introduced into Cavalcanti and Erosa (2008) [2], a version of Trejos and Wright (1995) [4] with aggregate shocks. Lotteries improve welfare and eliminate the two notable features of the optimum with deterministic trades: over-production and history-dependence. Moreover, the optimum can be supported by buyer take-it-or-leave-it offers.

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Year of publication:	2012-01-04
Authors:	Huang, Pidong
Institutions:	Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
Subject:	Random matching model of money \| Aggregate shock \| Optimal allocation \| History-dependence \| Lottery

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Extent:	application/pdf
Series:	MPRA Paper.
Type of publication:	Book / Working Paper
Classification:	E30 - Prices, Business Fluctuations, and Cycles. General
Source:	RePEc - Research Papers in Economics

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