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Random Matching Models and Money: The Global Structure and Approximation of the Set of Stationary Equilibria

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Listed:
  • Kazuya Kamiya

    (Faculty of Economics, The University of Tokyo)

  • Dolf Talman

    (Department of Economics and Operations Research, Tilburg University)

Abstract

Random matching models with di erent states are an important class of dynamic games; for example, money search models, job search models, and some games in biology are special cases. In this paper, we investigate the basic structure of the models: the existence of equilibria, the global structure of the set of equilibria, and the approximation and computation of equilibria. Under conditions which are typically satisfied in monetary models, the equilibrium condition can be considered as a non-linear complementarity problem with some new feature.

Suggested Citation

  • Kazuya Kamiya & Dolf Talman, 2003. "Random Matching Models and Money: The Global Structure and Approximation of the Set of Stationary Equilibria," CIRJE F-Series CIRJE-F-220, CIRJE, Faculty of Economics, University of Tokyo.
    • Handle: RePEc:tky:fseres:2003cf220
    as

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    References listed on IDEAS

    as
    1. Green, Edward J. & Zhou, Ruilin, 1998. "A Rudimentary Random-Matching Model with Divisible Money and Prices," Journal of Economic Theory, Elsevier, vol. 81(2), pages 252-271, August.
    2. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-954, August.
    3. Zhou, Ruilin, 1999. "Individual and Aggregate Real Balances in a Random-Matching Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(4), pages 1009-1038, November.
    4. Kazuya Kamiya & Takashi Shimizu, 2004. "Real Indeterminacy of Stationary Equilibria in Matching Models with Media of Exchange," CIRJE F-Series CIRJE-F-167, CIRJE, Faculty of Economics, University of Tokyo.
    5. Akihiko Matsui & Takashi Shimizu, 2000. "A Theory of Money with Market Places," CIRJE F-Series CIRJE-F-92, CIRJE, Faculty of Economics, University of Tokyo.
    Full references (including those not matched with items on IDEAS)

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