Two Monetary Models with Alternating Markets

Abstract

We examine two monetary models with periodic interactions in centralized and decentralized markets: the cash-in-advance model and the model in Lagos and Wright (2005). Given conformity of preferences, technologies and shocks, both models reduce to a single difference equation. In stationary equilibrium, such equations coincide when the price distortion… (More)

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Cite this paper

@inproceedings{Camera2013TwoMM, title={Two Monetary Models with Alternating Markets}, author={Gabriele Camera and Yili Chien}, year={2013} }