"Lack-of-Recall and Centralized Monetary Trade"
©
International Economic Review,
November
2004
Volume: 45
|
Issue: 4
|
Pages: 1221-27
Publication type: Journal article
Research Archive Topic: Business Economics and Public Policy, Capital Markets and Investments, Corporate Finance
Abstract
We introduce "lack-of-recall" of past transactions as an alternative assumption to anonymity in a model where trade is centralized. In environments where there is an intertemporal lack-of-double-coincidence of wants problem and lack-of-commitment, lack-of-recall can give rise to monetary equilibria that dominate nonmonetary outcomes in terms of welfare. Copyright 2004 by the Economics Department Of The University Of Pennsylvania and Osaka University Institute of Social and Economic Research Association.
Each author name for a Columbia Business School faculty member is linked to a faculty research page, which lists additional publications by that faculty member.
Each topic is linked to an index of publications on that topic.