Julien, Benoit; Kennes, John; King, Ian - Society for Economic Dynamics - SED - 2006
standard urn-ball process. We consider three physical environments: indivisible goods and money, divisible goods and … indivisible money, and divisible goods and money. We compare the results with Kiyotaki and Wright (1993), Trejos and Wright (1995 … particular, sur- plus maximization can be achieved in this setting, in equilibrium, with a positive money supply. Moreover, with …