イシハラ　ヒデヒコ   ISHIHARA Hidehiko   石原 秀彦    所属   専修大学  経済学部    専修大学大学院  経済学研究科    職種   教授
言語種別	英語
発行・発表の年月	2010/10
形態種別	研究論文（学術雑誌）
標題	Existence of a continuum of equilibria in a monetary random-matching model
執筆形態	単著
掲載誌名	Review of Economic Dynamics
巻・号・頁	13(4),pp.886-98
概要	We consider a model of monetary economy with decentralized markets where sellers compete with each other and each seller trades with more than one buyer in a steady state. Till the production is potentially profitable, there is a continuum of full-employment equilibria. On the other hand, the underemployment equilibrium exists if and only if the fixed cost of production is sufficiently high such that people prefer exiting the market to producing less. If each seller trades with only one buyer, there exists an underemployment equilibrium without any fixed cost and/or a stationary equilibrium with nondegenerating distribution of money holdings. These results suggest that the widely varying features of the existing matching models are due to their special assumption of a pure one-to-one matching. Keywords: money, decentralized market, matching model, indeterminacy JEL Classification Numbers: D51, E40