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Contribution Details
| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | The Distribution of Money and Prices in an Equilibrium with Lotteries |
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| Institution | University of Zurich |
| Series Name | Working paper series / Institute for Empirical Research in Economics |
| Number | No. 174 |
| ISSN | 1424-0459 |
| Date | 2004 |
| Abstract Text | We construct a tractable model of divisible money and equilibrium heterogeneity in money balances and prices. We do so by considering randomized monetary trades in a standard search-theoretic model of money where agents can hold multiple units of indivisible 'tokens'. By studying a simple trading pattern, we can generate monetary distributions that match those observed in numerically simulated economies with fully divisible money and price heterogeneity. |
| Official URL | http://www.econ.uzh.ch/wp.html |
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