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Friedman Meets Hosios: Efficiency in Search Models of Money
Berentsen, Aleksander; Rocheteau, Guillaume; Shi, Shouyong - University of Toronto, Department of Economics - 2002
In this paper we study the inefficiencies of the monetary equilibrium and optimal monetary policies in a search economy … trade and an inefficient number of trades (or search decisions). The Friedman rule eliminates the first inefficiency and the … order to internalize all search externalities. …
Persistent link: https://www.econbiz.de/10005827212
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Outside versus Inside Bonds: A Modigliani-Miller Type Result for Liquidity Constrained Economies
Berentsen, Aleksander; Waller, Christopher - CESifo - 2010
When agents are liquidity constrained, two options exist — sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government (outside) bonds and in the other they can borrow by issuing (inside) bonds. All transactions are voluntary, implying no...
Persistent link: https://www.econbiz.de/10008799751
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Liquidity, Innovation and Growth
Berentsen, Aleksander; Breu, Mariana Rojas; Shi, Shouyong - University of Toronto, Department of Economics - 2012
Many countries simultaneously suffer from high inflation, low growth and poorly developed financial sectors. In this paper, we integrate a microfounded model of money and finance into a model of endogenous growth to examine the effects of inflation on welfare, growth and the size of the...
Persistent link: https://www.econbiz.de/10010897045
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Monetary policy in a channel system
Berentsen, Aleksander; Monnet, Cyril - 2007
Channel systems for conducting monetary policy are becoming increasingly popular. Despite their popularity, the consequences of implementing policy with a channel system are not well understood. We develop a general equilibrium framework of a channel system and investigate the optimal policy. A...
Persistent link: https://www.econbiz.de/10010264077
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Outside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies
Berentsen, Aleksander; Waller, Christopher Jude - 2010
When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government (outside) bonds and in the other they can borrow by issuing (inside) bonds. All transactions are voluntary, implying no...
Persistent link: https://www.econbiz.de/10010277131
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Outside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies
Berentsen, Aleksander; Waller, Christopher - Institut für Volkswirtschaftslehre, … - 2009
When agents are liquidity constrained, two options exist — sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government bonds (outside bonds) and in the other they can borrow (issue inside bonds). All transactions are voluntary, implying no...
Persistent link: https://www.econbiz.de/10008528449
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Liquidity, innovation and growth
Berentsen, Aleksander; Rojas Breu, Mariana; Shi, Shouyong - Institut für Volkswirtschaftslehre, … - 2009
Many countries simultaneously suffer from high inflation, low growth and poorly developed financial sectors. In this paper, we integrate a microfounded model of money and finance into a model of endogenous growth to examine the effects of inflation on welfare, growth and the size of the...
Persistent link: https://www.econbiz.de/10008528451
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The Distribution of Money and Prices in an Equilibrium with Lotteries
Berentsen, Aleksander; Camera, Gabriele; Waller, Christopher - Institut für Volkswirtschaftslehre, …
by considering randomized monetary trades in a standard search-theoretic model of money where agents can hold multiple …
Persistent link: https://www.econbiz.de/10005463523
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Money and the Gains from Trade
Berentsen, Aleksander; Rocheteau, Guillaume - Institut für Volkswirtschaftslehre, …
This paper studies the role of money in environments where in each meeting there is a double coincidence of real wants. Traders who meet at random finance their purchases through current production, the sale of divisible money or both. It is shown that in the absence of valued money if traders...
Persistent link: https://www.econbiz.de/10005463533
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Money in Bilateral Trade
Berentsen, Aleksander; Rocheteau, Guillaume - In: Swiss Journal of Economics and Statistics (SJES) 138 (2002) IV, pp. 489-506
In this paper we compare production inefficiencies in bilateral meetings generated by two types of trading frictions: double-coincidence frictions and information frictions. For both types of frictions, money enlarges the sets of incentive-feasible allocations relative to barter. In environments...
Persistent link: https://www.econbiz.de/10005427422