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Tao Zhu

Personal Details

First Name:Tao
Middle Name:
Last Name:Zhu
Suffix:
RePEc Short-ID:pzh205
Terminal Degree:2003 Department of Economics; Pennsylvania State University (from RePEc Genealogy)

Affiliation

Department of Economics
Business School
Hong Kong University of Science and Technology (HKUST)

Kowloon, Hong Kong
http://www.bm.ust.hk/~econ/
RePEc:edi:deusthk (more details at EDIRC)

Research output

as
Jump to: Working papers Articles

Working papers

  1. Zhu, Tao & Wallace, Neil, 2020. "Fixed and Flexible Exchange-rates in Two Matching Models: Non-equivalence Results," MPRA Paper 102913, University Library of Munich, Germany.
  2. Jin, Gu & Zhu, Tao, 2020. "Heterogeneity, Decentralized Trade, and the Long-run Real Effects of Inflation," MPRA Paper 101927, University Library of Munich, Germany.
  3. Jin, Gu & Zhu, Tao, 2019. "Debasements and Small Coins: An Untold Story of Commodity Money," MPRA Paper 93057, University Library of Munich, Germany.
  4. Jin, Gu & Zhu, Tao, 2017. "Nonneutrality of Money in Dispersion: Hume Revisited," MPRA Paper 79561, University Library of Munich, Germany.
  5. Zhu, Tao, 2007. "An Overlapping-Generations Model with Search," Working Papers 07-09, Cornell University, Center for Analytic Economics.
  6. Zhu, Tao, 2007. "Equilibrium Concepts in the Large Household Model," Working Papers 07-01, Cornell University, Center for Analytic Economics.

Articles

  1. Jin, Gu & Zhu, Tao, 2022. "Heterogeneity, decentralized trade, and the long-run real effects of inflation," Journal of Economic Theory, Elsevier, vol. 201(C).
  2. Gu Jin & Tao Zhu, 2019. "Nonneutrality Of Money In Dispersion: Hume Revisited," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 60(3), pages 1329-1353, August.
  3. ,, 2008. "Equilibrium concepts in the large-household model," Theoretical Economics, Econometric Society, vol. 3(2), June.
  4. Zhu, Tao, 2008. "An overlapping-generations model with search," Journal of Economic Theory, Elsevier, vol. 142(1), pages 318-331, September.
  5. Zhu, Tao & Wallace, Neil, 2007. "Pairwise trade and coexistence of money and higher-return assets," Journal of Economic Theory, Elsevier, vol. 133(1), pages 524-535, March.
  6. Wallace, Neil & Zhu, Tao, 2007. "Float on a note," Journal of Monetary Economics, Elsevier, vol. 54(2), pages 229-246, March.
  7. Zhu, Tao, 2005. "Existence of a monetary steady state in a matching model: divisible money," Journal of Economic Theory, Elsevier, vol. 123(2), pages 135-160, August.
  8. Manjong Lee & Neil Wallace & Tao Zhu, 2005. "Modeling Denomination Structures," Econometrica, Econometric Society, vol. 73(3), pages 949-960, May.
  9. Wallace, Neil & Zhu, Tao, 2004. "A commodity-money refinement in matching models," Journal of Economic Theory, Elsevier, vol. 117(2), pages 246-258, August.

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Working papers

  1. Zhu, Tao & Wallace, Neil, 2020. "Fixed and Flexible Exchange-rates in Two Matching Models: Non-equivalence Results," MPRA Paper 102913, University Library of Munich, Germany.

    Cited by:

    1. Zhixiu Yu, 2023. "On the Coexistence of Cryptocurrency and Fiat Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 49, pages 147-180, July.

  2. Jin, Gu & Zhu, Tao, 2019. "Debasements and Small Coins: An Untold Story of Commodity Money," MPRA Paper 93057, University Library of Munich, Germany.

    Cited by:

    1. Hernandez-Chanto, Allan, 2016. "The Extrinsic Value of Low-Denomination Money Holdings," MPRA Paper 72348, University Library of Munich, Germany, revised 15 Jan 2016.

  3. Jin, Gu & Zhu, Tao, 2017. "Nonneutrality of Money in Dispersion: Hume Revisited," MPRA Paper 79561, University Library of Munich, Germany.

    Cited by:

    1. Wataru Nozawa & Hoonsik Yang, 2021. "Optimal intervention in a random‐matching model of money," Bulletin of Economic Research, Wiley Blackwell, vol. 73(4), pages 721-735, October.
    2. Jin, Gu & Zhu, Tao, 2020. "Heterogeneity, Decentralized Trade, and the Long-run Real Effects of Inflation," MPRA Paper 101927, University Library of Munich, Germany.
    3. Jonathan Chiu & Miguel Molico, 2020. "Online Appendix to "Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange"," Online Appendices 18-446, Review of Economic Dynamics.
    4. Jonathan Chiu & Miguel Molico, 2020. "Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange," Staff Working Papers 20-48, Bank of Canada.
    5. Bustamante, Christian, 2023. "The long-run redistributive effects of monetary policy," Journal of Monetary Economics, Elsevier, vol. 140(C), pages 106-123.
    6. Herrenbrueck, Lucas, 2019. "Frictional asset markets and the liquidity channel of monetary policy," Journal of Economic Theory, Elsevier, vol. 181(C), pages 82-120.

  4. Zhu, Tao, 2007. "An Overlapping-Generations Model with Search," Working Papers 07-09, Cornell University, Center for Analytic Economics.

    Cited by:

    1. van Buggenum, Hugo, 2023. "Coexistence of money and interest-bearing bonds," Journal of Economic Dynamics and Control, Elsevier, vol. 153(C).
    2. Eisei Ohtaki, 2013. "Nominal Idiosyncratic Shocks and Optimal Monetary Policy," Working Papers e057, Tokyo Center for Economic Research.
    3. Pedro Gomis-Porqueras & Christopher J. Waller, 2017. "Optimal Taxes Under Private Information: The Role of the Inflation," Working Papers 2017-014, Federal Reserve Bank of St. Louis, revised 20 Aug 2020.
    4. Lukas Altermatt & Christian Wipf, 2024. "Liquidity, the Mundell–Tobin Effect, and the Friedman Rule," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(5), pages 1235-1259, August.
    5. Altermatt, Lukas, 2019. "Savings, asset scarcity, and monetary policy," Journal of Economic Theory, Elsevier, vol. 182(C), pages 329-359.
    6. Tsz-Nga Wong & Pierre-Olivier Weill & Guillaume Rocheteau, 2015. "Long-Run and Short-Run Effects of Money Injections," 2015 Meeting Papers 793, Society for Economic Dynamics.
    7. Uras, Burak & van Buggenum, Hugo, 2020. "Preference Heterogeneity and Optimal Monetary Policy," Discussion Paper 2020-030, Tilburg University, Center for Economic Research.
    8. University of Notre Dame & Christopher Waller, 2008. "Dynamic Taxation, Private Information and Money," 2008 Meeting Papers 896, Society for Economic Dynamics.
    9. Jos van Bommel & Augusto Hasman & Margarita Samartin, 2011. "Financial Intermediation in an Overlapping Generations Model with Transaction Costs," LSF Research Working Paper Series 11-8, Luxembourg School of Finance, University of Luxembourg.
    10. Guillaume Rocheteau & Pierre-Olivier Weill & Tsz-Nga Wong, 2015. "Working through the Distribution: Money in the Short and Long Run," NBER Working Papers 21779, National Bureau of Economic Research, Inc.
    11. van Buggenum, Hugo, 2021. "Coexistence of Money and Interest-Bearing Bonds," Other publications TiSEM 0bd7c6fc-3779-4bf3-9100-0, Tilburg University, School of Economics and Management.
    12. Guillaume Rocheteau & Pierre-Olivier Weill & Tsz-Nga Wong, 2018. "An Heterogeneous-Agent New-Monetarist Model with an Application to Unemployment," NBER Working Papers 25220, National Bureau of Economic Research, Inc.
    13. van Buggenum, Hugo & Uras, Burak, 2019. "Money, Asset Markets and Efficiency of Capital Formation," Discussion Paper 2019-002, Tilburg University, Center for Economic Research.
    14. Jacquet, Nicolas L. & Tan, Serene, 2012. "Money and asset prices with uninsurable risks," Journal of Monetary Economics, Elsevier, vol. 59(8), pages 784-797.
    15. Huber, Samuel & Kim, Jaehong, 2020. "An overlapping generations model for monetary policy analysis," European Economic Review, Elsevier, vol. 125(C).
    16. Haitao Xiang, 2013. "Optimal monetary policy: distribution efficiency versus production efficiency," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 46(3), pages 836-864, August.
    17. van Buggenum, Hugo, 2021. "Banks and financial markets in microfounded models of money," Other publications TiSEM f6e8dc53-9a1b-4f66-9cef-b, Tilburg University, School of Economics and Management.
    18. Shin-ichi Fukuda & Mariko Tanaka, 2022. "Economic Geography and a Theory of International Currency: Implications of a Random Matching Model," CIRJE F-Series CIRJE-F-1184, CIRJE, Faculty of Economics, University of Tokyo.
    19. Emiliano S Pagnotta, 2022. "Decentralizing Money: Bitcoin Prices and Blockchain Security," The Review of Financial Studies, Society for Financial Studies, vol. 35(2), pages 866-907.
    20. Ohtaki, Eisei, 2014. "Tractable graphical device for analyzing stationary stochastic OLG economies," Journal of Macroeconomics, Elsevier, vol. 40(C), pages 16-26.
    21. Kocherlakota, Narayana & Wright, Randall, 2008. "Introduction to monetary and macro economics," Journal of Economic Theory, Elsevier, vol. 142(1), pages 1-4, September.
    22. Deviatov, Alexei & Wallace, Neil, 2009. "A model in which monetary policy is about money," Journal of Monetary Economics, Elsevier, vol. 56(3), pages 283-288, April.
    23. Nicolas L. Jacquet & Serene Tan, 2011. "Money, Bargaining, and Risk Sharing," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s2), pages 419-442, October.
    24. Samuel Huber & Jaehong Kim & Alessandro Marchesiani, 2019. "Unemployment and the demand for money," ECON - Working Papers 324, Department of Economics - University of Zurich.

  5. Zhu, Tao, 2007. "Equilibrium Concepts in the Large Household Model," Working Papers 07-01, Cornell University, Center for Analytic Economics.

    Cited by:

    1. Lucas Herrenbrueck, 2017. "An Open-Economy Model With Money, Endogenous Search, And Heterogeneous Firms," Economic Inquiry, Western Economic Association International, vol. 55(4), pages 1648-1670, October.
    2. Guillaume Rocheteau, 2011. "The cost of inflation: a mechanism design approach," Working Papers (Old Series) 1103, Federal Reserve Bank of Cleveland.
    3. Tai-Wei Hu & Luis Araujo, 2015. "Optimal Monetary Interventions in Credit Markets," 2015 Meeting Papers 176, Society for Economic Dynamics.
    4. Jean, Kasie & Rabinovich, Stanislav & Wright, Randall, 2010. "On the multiplicity of monetary equilibria: Green-Zhou meets Lagos-Wright," Journal of Economic Theory, Elsevier, vol. 145(1), pages 392-401, January.
    5. Guillaume Rocheteau, 2011. "On the coexistence of money and higher-return assets and its social role," Working Papers (Old Series) 1104, Federal Reserve Bank of Cleveland.
    6. Burdett, Kenneth & Trejos, Alberto & Wright, Randall, 2017. "A new suggestion for simplifying the theory of money," Journal of Economic Theory, Elsevier, vol. 172(C), pages 423-450.
    7. Wong, Tsz-Nga, 2016. "Monetary exchange and the irreducible cost of inflation," Journal of Economic Theory, Elsevier, vol. 164(C), pages 218-229.

Articles

  1. Gu Jin & Tao Zhu, 2019. "Nonneutrality Of Money In Dispersion: Hume Revisited," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 60(3), pages 1329-1353, August.
    See citations under working paper version above.
  2. ,, 2008. "Equilibrium concepts in the large-household model," Theoretical Economics, Econometric Society, vol. 3(2), June.
    See citations under working paper version above.
  3. Zhu, Tao, 2008. "An overlapping-generations model with search," Journal of Economic Theory, Elsevier, vol. 142(1), pages 318-331, September.
    See citations under working paper version above.
  4. Zhu, Tao & Wallace, Neil, 2007. "Pairwise trade and coexistence of money and higher-return assets," Journal of Economic Theory, Elsevier, vol. 133(1), pages 524-535, March.

    Cited by:

    1. Zhu, Tao & Wallace, Neil, 2020. "Fixed and Flexible Exchange-rates in Two Matching Models: Non-equivalence Results," MPRA Paper 102913, University Library of Munich, Germany.
    2. David Andolfatto, 2009. "Essential interest-bearing money," Working Papers 2009-044, Federal Reserve Bank of St. Louis.
    3. Rocheteau, Guillaume & Weill, Pierre-Olivier & Wong, Russell, 2018. "A tractable model of monetary exchange with ex-post heterogeneity," Theoretical Economics, Econometric Society, vol. 13(3), September.
    4. Han, Han, 2015. "Over-the-Counter Markets, Intermediation, and Monetary Policy," MPRA Paper 68709, University Library of Munich, Germany.
    5. Marchesiani, Alessandro & Senesi, Pietro, 2009. "Money And Nominal Bonds," Macroeconomic Dynamics, Cambridge University Press, vol. 13(2), pages 189-199, April.
    6. Choi, Michael & Rocheteau, Guillaume, 2022. "Money mining and price dynamics: The case of divisible currencies," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    7. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    8. Manjong Lee & Sung Guan Yun, 2014. "Composition of Portfolio and Cost of Inflation," Discussion Paper Series 1403, Institute of Economic Research, Korea University.
    9. Guillaume Rocheteau & Pierre-Olivier Weill, 2011. "Liquidity in frictional asset markets," Working Papers (Old Series) 1105, Federal Reserve Bank of Cleveland.
    10. Manjong Lee, 2008. "Is Uniform Money Always Better than Separate Monies?," Open Economies Review, Springer, vol. 19(1), pages 21-42, February.
    11. Mariana Rojas Breu, 2017. "Debt enforcement and the value of money," Post-Print hal-01625581, HAL.
    12. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    13. Young Sik Kim & Manjong Lee, 2012. "Return on Commodity Money, Small Change Problems, and Fiat Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 533-549, March.
    14. Stephen D. Williamson & Randall Wright, 2010. "New Monetarist Economics: models," Staff Report 443, Federal Reserve Bank of Minneapolis.
    15. Alberto Trejos & Randall Wright, 2014. "Search-Based Models of Money and Finance: An Integrated Approach," Working Papers 709, Federal Reserve Bank of Minneapolis.
    16. Guillaume Rocheteau & Tai-Wei Hu & Lucie Lebeau & Younghwan In, 2021. "Gradual Bargaining in Decentralized Asset Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 42, pages 72-109, October.
    17. Young Sik Kim & Manjong Lee, 2012. "Intermediary Cost and Coexistence Puzzle," Working Paper Series no84, Institute of Economic Research, Seoul National University.
    18. Ricardo Lagos & Guillaume Rocheteau & Randall Wright, 2017. "Liquidity: A New Monetarist Perspective," Journal of Economic Literature, American Economic Association, vol. 55(2), pages 371-440, June.
    19. Guillaume Rocheteau & Ed Nosal, 2008. "Pairwise Trade, Asset Prices and Monetary Policy," 2008 Meeting Papers 774, Society for Economic Dynamics.
    20. Rojas-Breu, M., 2011. "Debt enforcement and the return on money," Working papers 345, Banque de France.
    21. Zhu, Tao, 2007. "An Overlapping-Generations Model with Search," Working Papers 07-09, Cornell University, Center for Analytic Economics.
    22. Guillaume Rocheteau, 2011. "On the coexistence of money and higher-return assets and its social role," Working Papers (Old Series) 1104, Federal Reserve Bank of Cleveland.
    23. Johnson, Christopher, 2016. "Differences of Opinion, Liquidity, and Monetary Policy," MPRA Paper 70951, University Library of Munich, Germany.
    24. Burdett, Kenneth & Trejos, Alberto & Wright, Randall, 2017. "A new suggestion for simplifying the theory of money," Journal of Economic Theory, Elsevier, vol. 172(C), pages 423-450.
    25. Young Sik Kim & Manjong Lee, 2009. "Wealth Distribution, Inflation Tax, and Societal Benefits of Illiquid Bonds," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(5), pages 809-830, August.
    26. Jimin Shim & Joonho Moon & Won Seok Lee & Namho Chung, 2021. "The Impact of CSR on Corporate Value of Restaurant Businesses Using Triple Bottom Line Theory," Sustainability, MDPI, vol. 13(4), pages 1-14, February.
    27. Kim, Young Sik & Lee, Manjong, 2010. "A model of debit card as a means of payment," Journal of Economic Dynamics and Control, Elsevier, vol. 34(8), pages 1359-1368, August.
    28. Leo Ferraris & Fabrizio Mattesini, 2013. "Limited Commitment and the Legal Restrictions Theory of the Demand for Money," CEIS Research Paper 262, Tor Vergata University, CEIS, revised 21 Jan 2013.
    29. van Buggenum, Hugo & Rabinovich, Stanislav, 2023. "Co-essentiality of money and credit: A mechanism-design view," Journal of Economic Theory, Elsevier, vol. 213(C).
    30. Lee, Manjong, 2010. "Carrying cost of money and real effects of denomination structure," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 326-337, March.
    31. Lee, Manjong, 2013. "Coexistence and welfare cost of inflation," Journal of Macroeconomics, Elsevier, vol. 36(C), pages 23-32.
    32. Li, Yiting & Rocheteau, Guillaume, 2011. "On The Threat Of Counterfeiting," Macroeconomic Dynamics, Cambridge University Press, vol. 15(S1), pages 10-41, April.
    33. Tai-Wei Hu, 2013. "Imperfect recognizability and coexistence of money and higher-return assets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 53(1), pages 111-138, May.
    34. Rocheteau, Guillaume & Rodriguez-Lopez, Antonio, 2014. "Liquidity provision, interest rates, and unemployment," Journal of Monetary Economics, Elsevier, vol. 65(C), pages 80-101.
    35. Luis Araujo & Leo Ferraris, 2019. "The Societal Benefits of Money and Interest Bearing Debt," CEIS Research Paper 453, Tor Vergata University, CEIS, revised 19 Feb 2019.
    36. Tai-Wei Hu & Guillaume Rocheteau & Lucie Lebeau & Younghwan In, 2018. "Gradual Bargaining in Decentralized Asset Markets," 2018 Meeting Papers 606, Society for Economic Dynamics.

  5. Wallace, Neil & Zhu, Tao, 2007. "Float on a note," Journal of Monetary Economics, Elsevier, vol. 54(2), pages 229-246, March.

    Cited by:

    1. Ed Nosal & Ricardo Cavalcanti, 2004. "Some benefits of cyclical monetary policy," 2004 Meeting Papers 159, Society for Economic Dynamics.
    2. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    3. Stephen D. Williamson & Randall Wright, 2010. "New Monetarist Economics: models," Staff Report 443, Federal Reserve Bank of Minneapolis.
    4. Alberto Trejos & Randall Wright, 2014. "Search-Based Models of Money and Finance: An Integrated Approach," Working Papers 709, Federal Reserve Bank of Minneapolis.
    5. Warren E. Weber & Angela Redish, 2008. "A Model of Small Change Shortages," 2008 Meeting Papers 677, Society for Economic Dynamics.
    6. Jaremski, Matthew, 2017. "Privately Issued Money in the US," Working Papers 2017-05, Department of Economics, Colgate University, revised 20 Sep 2017.
    7. Laurent Le Maux, 2013. "The Payment System and Liquidity Provision during the US National Banking Era," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 55(3), pages 459-477, September.

  6. Zhu, Tao, 2005. "Existence of a monetary steady state in a matching model: divisible money," Journal of Economic Theory, Elsevier, vol. 123(2), pages 135-160, August.

    Cited by:

    1. Zhu, Tao & Wallace, Neil, 2020. "Fixed and Flexible Exchange-rates in Two Matching Models: Non-equivalence Results," MPRA Paper 102913, University Library of Munich, Germany.
    2. Guillaume Rocheteau & Peter Rupert & Karl Shell & Randall Wright, 2006. "General Equilibrium with NonConvexities, Sunspots and Money," 2006 Meeting Papers 833, Society for Economic Dynamics.
    3. Rocheteau, Guillaume & Weill, Pierre-Olivier & Wong, Russell, 2018. "A tractable model of monetary exchange with ex-post heterogeneity," Theoretical Economics, Econometric Society, vol. 13(3), September.
    4. Huang, Pidong & Igarashi, Yoske, 2013. "Why Ten $1's Are Not Treated as a $10," MPRA Paper 46623, University Library of Munich, Germany.
    5. Shouyong Shi & Hongfei Sun & Guido Menzio, 2010. "A Monetary Theory with Non-Degenerate Distributions," 2010 Meeting Papers 598, Society for Economic Dynamics.
    6. Aleksander Berentsen & Gabriele Camera & C hristopher W aller, 2005. "The Distribution Of Money Balances And The Nonneutrality Of Money," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(2), pages 465-487, May.
    7. Jin, Gu & Zhu, Tao, 2017. "Nonneutrality of Money in Dispersion: Hume Revisited," MPRA Paper 79561, University Library of Munich, Germany.
    8. Wataru Nozawa & Hoonsik Yang, 2021. "Optimal intervention in a random‐matching model of money," Bulletin of Economic Research, Wiley Blackwell, vol. 73(4), pages 721-735, October.
    9. Scott J. Dressler, 2011. "A Long-Run, Short-Run and Politico-Economic Analysis of the Welfare Costs of Inflation," Villanova School of Business Department of Economics and Statistics Working Paper Series 16, Villanova School of Business Department of Economics and Statistics.
    10. Zhu, Tao & Wallace, Neil, 2007. "Pairwise trade and coexistence of money and higher-return assets," Journal of Economic Theory, Elsevier, vol. 133(1), pages 524-535, March.
    11. Konrad Podczeck & Daniela Puzzello, 2012. "Independent random matching," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 50(1), pages 1-29, May.
    12. Pidong Huang, 2015. "Robustness of Stability to Cost of Carrying Money in a Matching Model of Money," Annals of Economics and Finance, Society for AEF, vol. 16(1), pages 95-114, May.
    13. Kazuya Kamiya & Takashi Shimizu, 2005. "A New Technique for Proving the Existence of Monetary Equilibria in Matching Models with Divisible Money," CIRJE F-Series CIRJE-F-347, CIRJE, Faculty of Economics, University of Tokyo.
    14. Shouyong Shi, 2006. "Viewpoint: A microfoundation of monetary economics," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(3), pages 643-688, August.
    15. Wallace, Neil & Zhu, Tao, 2007. "Float on a note," Journal of Monetary Economics, Elsevier, vol. 54(2), pages 229-246, March.
    16. Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
    17. Daniel Sanches, 2016. "On the Inherent Instability of Private Money," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 20, pages 198-214, April.
    18. Wallace, Neil & Zhu, Tao, 2004. "A commodity-money refinement in matching models," Journal of Economic Theory, Elsevier, vol. 117(2), pages 246-258, August.
    19. Tsz-Nga Wong & Pierre-Olivier Weill & Guillaume Rocheteau, 2015. "Long-Run and Short-Run Effects of Money Injections," 2015 Meeting Papers 793, Society for Economic Dynamics.
    20. Rocheteau, Guillaume & Rupert, Peter & Shell, Karl & Wright, Randall, 2008. "General equilibrium with nonconvexities and money," Journal of Economic Theory, Elsevier, vol. 142(1), pages 294-317, September.
    21. Young Sik Kim & Manjong Lee, 2012. "Return on Commodity Money, Small Change Problems, and Fiat Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 533-549, March.
    22. Stephen D. Williamson & Randall Wright, 2010. "New Monetarist Economics: models," Staff Report 443, Federal Reserve Bank of Minneapolis.
    23. Huang, Pidong & Igarashi, Yoske, 2015. "Trejos–Wright with a 2-unit bound: Existence and stability of monetary steady states," Mathematical Social Sciences, Elsevier, vol. 73(C), pages 55-62.
    24. Guillaume Rocheteau & Pierre-Olivier Weill & Tsz-Nga Wong, 2015. "Working through the Distribution: Money in the Short and Long Run," NBER Working Papers 21779, National Bureau of Economic Research, Inc.
    25. Randall Wright, 2005. "Introduction to \\"Models of Monetary Economies II: The Next Generation\\"," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 29(Oct), pages 2-9.
    26. Irina A. Telyukova & Randall Wright, 2007. "A model of money and credit, with application to the credit card debt puzzle," Working Papers (Old Series) 0711, Federal Reserve Bank of Cleveland.
    27. Guillaume Rocheteau & Pierre-Olivier Weill & Tsz-Nga Wong, 2018. "An Heterogeneous-Agent New-Monetarist Model with an Application to Unemployment," NBER Working Papers 25220, National Bureau of Economic Research, Inc.
    28. Warren E. Weber & Angela Redish, 2008. "A Model of Small Change Shortages," 2008 Meeting Papers 677, Society for Economic Dynamics.
    29. Scott J. Dressler, 2011. "Money Holdings, Inflation, And Welfare In A Competitive Market," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 52(2), pages 407-423, May.
    30. Guimarães, Bernardo de Vasconcellos & Araujo, Luis Fernando Oliveira de, 2013. "Coordination in the use of money," Textos para discussão 325, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    31. Young Sik Kim & Manjong Lee, 2012. "Intermediary Cost and Coexistence Puzzle," Working Paper Series no84, Institute of Economic Research, Seoul National University.
    32. Hernandez-Chanto, Allan, 2016. "The Extrinsic Value of Low-Denomination Money Holdings," MPRA Paper 72348, University Library of Munich, Germany, revised 15 Jan 2016.
    33. Jin, Gu & Zhu, Tao, 2020. "Heterogeneity, Decentralized Trade, and the Long-run Real Effects of Inflation," MPRA Paper 101927, University Library of Munich, Germany.
    34. Pidong Huang & Young Sik Kim & Manjong Lee, 2014. "Optimal Allocation of Social Cost for Electronic Payment System: A Ramsey Approach," Discussion Paper Series 1402, Institute of Economic Research, Korea University.
    35. Tao Zhu & Neil Wallace, 2004. "Float on a Note," 2004 Meeting Papers 342, Society for Economic Dynamics.
    36. Daniela Puzzello & Konrad Podczeck, 2010. "Independent random matching with many types," 2010 Meeting Papers 652, Society for Economic Dynamics.
    37. Jin, Gu & Zhu, Tao, 2019. "Debasements and Small Coins: An Untold Story of Commodity Money," MPRA Paper 93057, University Library of Munich, Germany.
    38. Gilbert Bougi, 2005. "Pourquoi le problème monétaire de Menger reste-t-il non résolu?," CAE Working Papers 31, Aix-Marseille Université, CERGAM.
    39. Manjong Lee & Neil Wallace, 2006. "Optimal divisibility when money is costly to produce," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 9(3), pages 541-556, July.
    40. Kim, Young Sik & Lee, Manjong, 2010. "A model of debit card as a means of payment," Journal of Economic Dynamics and Control, Elsevier, vol. 34(8), pages 1359-1368, August.
    41. Kamiya, Kazuya & Talman, Dolf, 2009. "Matching models with a conservation law: The existence and global structure of the set of stationary equilibria," Journal of Mathematical Economics, Elsevier, vol. 45(5-6), pages 397-413, May.
    42. Molzon, Robert & Puzzello, Daniela, 2010. "On the observational equivalence of random matching," Journal of Economic Theory, Elsevier, vol. 145(3), pages 1283-1301, May.
    43. Huang, Pidong & Igarashi, Yoske, 2014. "The instability of some non-full-support steady states in a random matching model of money," Journal of Mathematical Economics, Elsevier, vol. 55(C), pages 177-185.
    44. Ricardo Lagos & Randall Wright, 2002. "A unified framework for monetary theory and policy analysis," Working Papers (Old Series) 0211, Federal Reserve Bank of Cleveland.
    45. Ricardo de O. Cavalcanti & Paulo K. Monteiro, 2007. "On the Optimum Distribution of Money," 2007 Meeting Papers 771, Society for Economic Dynamics.
    46. Guillaume Rocheteau & Peter Rupert & Randall Wright, 2007. "Inflation and Unemployment in General Equilibrium," Scandinavian Journal of Economics, Wiley Blackwell, vol. 109(4), pages 837-855, December.
    47. Tai-Wei Hu, 2013. "Imperfect recognizability and coexistence of money and higher-return assets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 53(1), pages 111-138, May.
    48. Manjong Lee, 2007. "Indivisibility and Non-Neutrality of Money," Korean Economic Review, Korean Economic Association, vol. 23, pages 223-242.
    49. Huang, Pidong, 2013. "Robustness of Stability to cost of carrying money in a Matching Model of Money," MPRA Paper 46625, University Library of Munich, Germany.
    50. Shouyong Shi, 2006. "A Microfoundation of Monetary Economics," Working Papers tecipa-211, University of Toronto, Department of Economics.
    51. Craig, Ben & Waller, C.J.Christopher J., 2004. "Dollarization and currency exchange," Journal of Monetary Economics, Elsevier, vol. 51(4), pages 671-689, May.
    52. Mahmoudi, Babak, 2013. "Open-Market Operations, Asset Distributions, and Endogenous Market Segmentation," MPRA Paper 50089, University Library of Munich, Germany.
    53. Guimaraes, Bernardo & Araujo, Luis, 2011. "Equilibrium selection in a fundamental model of money," CEPR Discussion Papers 8200, C.E.P.R. Discussion Papers.

  7. Manjong Lee & Neil Wallace & Tao Zhu, 2005. "Modeling Denomination Structures," Econometrica, Econometric Society, vol. 73(3), pages 949-960, May.

    Cited by:

    1. Joshi Harit & Mukherjee, Saral, 2017. "Transitions in currency denomination structure as supply disruption and demand distortion: Efficiency, Effectiveness and Bullwhip," IIMA Working Papers WP 2017-05-02, Indian Institute of Management Ahmedabad, Research and Publication Department.
    2. Pidong Huang, 2015. "Robustness of Stability to Cost of Carrying Money in a Matching Model of Money," Annals of Economics and Finance, Society for AEF, vol. 16(1), pages 95-114, May.
    3. Manjong Lee & Sung Guan Yun, 2014. "Composition of Portfolio and Cost of Inflation," Discussion Paper Series 1403, Institute of Economic Research, Korea University.
    4. Angela Redish & Warren E. Weber, 2011. "A model of commodity money with minting and melting," Staff Report 460, Federal Reserve Bank of Minneapolis.
    5. Manjong Lee, 2008. "Is Uniform Money Always Better than Separate Monies?," Open Economies Review, Springer, vol. 19(1), pages 21-42, February.
    6. Bouhdaoui, Yassine & Van Hove, Leo, 2017. "On the socially optimal density of coin and banknote series: Do production costs really matter?," Journal of Macroeconomics, Elsevier, vol. 52(C), pages 252-267.
    7. Huberto M. Ennis, 2006. "The problem of small change in early Argentina," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 92(Spr), pages 93-111.
    8. Edward S. Knotek, 2005. "Convenient prices, currency, and nominal rigidity : theory with evidence from newspaper prices," Research Working Paper RWP 05-11, Federal Reserve Bank of Kansas City.
    9. Sotiris Vandoros, 2013. "My five pounds are not as good as yours, so I will spend them," Experimental Economics, Springer;Economic Science Association, vol. 16(4), pages 546-559, December.
    10. Bouhdaoui, Y. & Bounie, D., 2012. "Efficient payments: How much do they cost for the Central Bank?," Economic Modelling, Elsevier, vol. 29(5), pages 1579-1584.
    11. Heng Chen & Kim Huynh & Oz Shy, 2017. "Cash Versus Card: Payment Discontinuities and the Burden of Holding Coins," Staff Working Papers 17-47, Bank of Canada.
    12. Kaushik Bhattacharya, 2011. "Demand and Supply of Currencies of Small Denominations: A Theoretical Framework," Journal of Quantitative Economics, The Indian Econometric Society, vol. 9(2), pages 123-139, July.
    13. Young Sik Kim & Manjong Lee, 2012. "Return on Commodity Money, Small Change Problems, and Fiat Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 533-549, March.
    14. Stephen D. Williamson & Randall Wright, 2010. "New Monetarist Economics: models," Staff Report 443, Federal Reserve Bank of Minneapolis.
    15. Young Sik Kim & Manjong Lee, 2012. "Intermediary Cost and Coexistence Puzzle," Working Paper Series no84, Institute of Economic Research, Seoul National University.
    16. Prescott, Brian C. & Shy, Oz, 2023. "Cash payments and the penny policy debate," Journal of Economic Behavior & Organization, Elsevier, vol. 208(C), pages 80-94.
    17. Nosal, Ed & Wallace, Neil, 2007. "A model of (the threat of) counterfeiting," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 994-1001, May.
    18. Hernandez-Chanto, Allan, 2016. "The Extrinsic Value of Low-Denomination Money Holdings," MPRA Paper 72348, University Library of Munich, Germany, revised 15 Jan 2016.
    19. Shy, Oz, 2020. "How currency denomination and the ATM affect the way we pay," Journal of Economics and Business, Elsevier, vol. 111(C).
    20. Pidong Huang & Young Sik Kim & Manjong Lee, 2014. "Optimal Allocation of Social Cost for Electronic Payment System: A Ramsey Approach," Discussion Paper Series 1402, Institute of Economic Research, Korea University.
    21. Ayushi Bajaj & Nikhil Damodaran, 2021. "Consumer Payment Choice and the Heterogeneous Impact of India’s Demonetization," Monash Economics Working Papers 2021-15, Monash University, Department of Economics.
    22. Jin, Gu & Zhu, Tao, 2019. "Debasements and Small Coins: An Untold Story of Commodity Money," MPRA Paper 93057, University Library of Munich, Germany.
    23. Manjong Lee & Neil Wallace, 2006. "Optimal divisibility when money is costly to produce," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 9(3), pages 541-556, July.
    24. Young Sik Kim & Manjong Lee, 2009. "Wealth Distribution, Inflation Tax, and Societal Benefits of Illiquid Bonds," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(5), pages 809-830, August.
    25. Kim, Young Sik & Lee, Manjong, 2010. "A model of debit card as a means of payment," Journal of Economic Dynamics and Control, Elsevier, vol. 34(8), pages 1359-1368, August.
    26. Klee, Elizabeth, 2008. "How people pay: Evidence from grocery store data," Journal of Monetary Economics, Elsevier, vol. 55(3), pages 526-541, April.
    27. Lee, Manjong, 2010. "Carrying cost of money and real effects of denomination structure," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 326-337, March.
    28. Lee, Manjong, 2013. "Coexistence and welfare cost of inflation," Journal of Macroeconomics, Elsevier, vol. 36(C), pages 23-32.
    29. Ayushi Bajaj & Nikhil Damodaran, 2020. "Consumer Payment Choice and the Heterogeneous Impact of India’s Demonetization," Monash Economics Working Papers 07-20, Monash University, Department of Economics.
    30. Bajaj, Ayushi & Damodaran, Nikhil, 2022. "Consumer payment choice and the heterogeneous impact of India’s demonetization," Journal of Economic Dynamics and Control, Elsevier, vol. 137(C).
    31. Hendrickson, Joshua R. & Park, Jaevin, 2021. "The case against eliminating large denomination bills," Journal of Macroeconomics, Elsevier, vol. 68(C).

  8. Wallace, Neil & Zhu, Tao, 2004. "A commodity-money refinement in matching models," Journal of Economic Theory, Elsevier, vol. 117(2), pages 246-258, August.

    Cited by:

    1. Huang, Pidong & Igarashi, Yoske, 2013. "Why Ten $1's Are Not Treated as a $10," MPRA Paper 46623, University Library of Munich, Germany.
    2. Claire Greene & Brian Prescott & Oz Shy, 2021. "How People Pay Each Other: Data, Theory, and Calibrations," FRB Atlanta Working Paper 2021-11, Federal Reserve Bank of Atlanta.
    3. Pidong Huang, 2015. "Robustness of Stability to Cost of Carrying Money in a Matching Model of Money," Annals of Economics and Finance, Society for AEF, vol. 16(1), pages 95-114, May.
    4. Heng Chen & Kim Huynh & Oz Shy, 2017. "Cash Versus Card: Payment Discontinuities and the Burden of Holding Coins," Staff Working Papers 17-47, Bank of Canada.
    5. Young Sik Kim & Manjong Lee, 2012. "Return on Commodity Money, Small Change Problems, and Fiat Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 533-549, March.
    6. Huang, Pidong & Igarashi, Yoske, 2015. "Trejos–Wright with a 2-unit bound: Existence and stability of monetary steady states," Mathematical Social Sciences, Elsevier, vol. 73(C), pages 55-62.
    7. Guimarães, Bernardo de Vasconcellos & Araujo, Luis Fernando Oliveira de, 2013. "Coordination in the use of money," Textos para discussão 325, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    8. Hernandez-Chanto, Allan, 2016. "The Extrinsic Value of Low-Denomination Money Holdings," MPRA Paper 72348, University Library of Munich, Germany, revised 15 Jan 2016.
    9. Zhu, Tao, 2007. "Equilibrium Concepts in the Large Household Model," MPRA Paper 7444, University Library of Munich, Germany.
    10. Kamiya, Kazuya & Shimizu, Takashi, 2011. "Stationary monetary equilibria with strictly increasing value functions and non-discrete money holdings distributions: An indeterminacy result," Journal of Economic Theory, Elsevier, vol. 146(5), pages 2140-2150, September.
    11. Burdett, Kenneth & Trejos, Alberto & Wright, Randall, 2017. "A new suggestion for simplifying the theory of money," Journal of Economic Theory, Elsevier, vol. 172(C), pages 423-450.
    12. Huang, Pidong & Igarashi, Yoske, 2014. "The instability of some non-full-support steady states in a random matching model of money," Journal of Mathematical Economics, Elsevier, vol. 55(C), pages 177-185.
    13. Norman, Thomas W.L., 2020. "The evolution of monetary equilibrium," Games and Economic Behavior, Elsevier, vol. 122(C), pages 233-239.
    14. Huang, Pidong, 2013. "Robustness of Stability to cost of carrying money in a Matching Model of Money," MPRA Paper 46625, University Library of Munich, Germany.

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NEP Fields

NEP is an announcement service for new working papers, with a weekly report in each of many fields. This author has had 5 papers announced in NEP. These are the fields, ordered by number of announcements, along with their dates. If the author is listed in the directory of specialists for this field, a link is also provided.
  1. NEP-MAC: Macroeconomics (5) 2008-03-08 2017-06-18 2019-04-08 2020-08-17 2020-10-26. Author is listed
  2. NEP-MON: Monetary Economics (3) 2017-06-18 2019-04-08 2020-10-26
  3. NEP-DGE: Dynamic General Equilibrium (2) 2017-06-18 2020-10-26
  4. NEP-PAY: Payment Systems and Financial Technology (2) 2017-06-18 2019-04-08
  5. NEP-CBA: Central Banking (1) 2020-10-26
  6. NEP-HIS: Business, Economic and Financial History (1) 2019-04-08
  7. NEP-ORE: Operations Research (1) 2020-10-26

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