Araujo, Luis; Camargo, Braz; Minetti, Raoul; Puzzello, … - In: Journal of Monetary Economics 59 (2012) 7, pp. 612-621
Lagos and Wright (2005) introduced an influential model of monetary exchange in which trade alternates between centralized and decentralized markets and money is essential. A limitation of their model and of the literature that follows is that they do not provide a microfoundation for the...