An overlapping-generations model with search

被引：15

作者：

Zhu, Tao ^{[1
]}

机构：

[1] Cornell Univ, Dept Econ, Ithaca, NY 14853 USA

来源：

JOURNAL OF ECONOMIC THEORY | 2008年 / 142卷 / 01期

关键词：

overlapping-generations; search; money creation; golden rule;

D O I：

10.1016/j.jet.2007.01.020

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Search is embedded in an overlapping-generations model. The young participate in a centralized market, and then are matched in pairs in a decentralized market. The old only participate in the centralized market. If the buyer's bargaining power in pairwise trade is close to unity and if the old are risk averse, then the golden-rule rate of money transfer is positive. Such risk aversion, the pairwise meetings, and dependence of the young's saving on the rate of return are necessary for this result. (C) 2007 Elsevier Inc. All rights reserved.

引用

页码：318 / 331

页数：14

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