Bargaining and the Value of Money

@inproceedings{Bora2005BargainingAT,
  title={Bargaining and the Value of Money},
  author={Selim Bora and gan Aruoba and Guillaume Rocheteau},
  year={2005}
}
Search models of monetary exchange have typically relied on Nash (1950) bargaining, or strategic games that yield an equivalent outcome, to determine the terms of trade. By considering alternative axiomatic bargaining solutions in a search model with divisible money, we show that the properties of the bargaining solutions do matter both qualitatively and quantitatively for questions of …rst-degree importance in monetary economics such as: (i) the e¢ ciency of monetary equilibrium; (ii) the… CONTINUE READING
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