A comment on: "Efficient propagation of shocks and the optimal return on money"

Pidong Huang; Yoske Igarashi

doi:10.1016/j.jet.2011.11.005

A comment on: "Efficient propagation of shocks and the optimal return on money"

Pidong Huang, Yoske Igarashi

Department of Economics

Research output: Contribution to journal › Comment/debate › peer-review

Abstract

Lotteries are introduced into Cavalcanti and Erosa (2008) [2], a version of Trejos and Wright (1995) [4] with aggregate shocks. Lotteries improve welfare and eliminate the two notable features of the optimum with deterministic trades: over-production and history-dependence. Moreover, the optimum can be supported by buyer take-it-or-leave-it offers.

Original language	English
Pages (from-to)	382-388
Number of pages	7
Journal	Journal of Economic Theory
Volume	147
Issue number	1
DOIs	https://doi.org/10.1016/j.jet.2011.11.005
Publication status	Published - 2012 Jan

Keywords

Aggregate shock
History-dependence
Lottery
Optimal allocation
Random matching model of money

ASJC Scopus subject areas

Economics and Econometrics

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10.1016/j.jet.2011.11.005

Cite this

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title = "A comment on: {"}Efficient propagation of shocks and the optimal return on money{"}",

abstract = "Lotteries are introduced into Cavalcanti and Erosa (2008) [2], a version of Trejos and Wright (1995) [4] with aggregate shocks. Lotteries improve welfare and eliminate the two notable features of the optimum with deterministic trades: over-production and history-dependence. Moreover, the optimum can be supported by buyer take-it-or-leave-it offers.",

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author = "Pidong Huang and Yoske Igarashi",

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KW - History-dependence

KW - Lottery

KW - Optimal allocation

KW - Random matching model of money

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A comment on: "Efficient propagation of shocks and the optimal return on money"

Abstract

Keywords

ASJC Scopus subject areas

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