宏观经济学-2
This paper presents a simple version of the basic models used in the
search-theoretic approach to monetary economics. We discuss results
on the existence of monetary equilibria, the potential for multiple
equilibria, and welfare. We do this for models where prices are …xed,
and also where prices are determined endogenously using bilateral
bargaining theory. We also discuss the nature of the frictions necessary to construct a model with an essential role for money. We conclude
the paper with a review of many extensions and applications in the
related literature.