Gradual bargaining in decentralized asset markets

Autor: Guillaume Rocheteau, Lucie Lebeau, Younghwan In, Tai-Wei Hu

Publikováno v: Rocheteau, G, Hu, T-W, Lebeau, L & In, Y 2020, ' Gradual Bargaining in Decentralized Asset Markets ', Review of Economic Dynamics . https://doi.org/10.1016/j.red.2020.10.008

We introduce a new approach to bargaining, with strategic and axiomatic foundations, into models of decentralized asset markets. According to this approach, whichencompasses the Nash (1950) solution as a special case, bilateral negotiations follow an

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::41a33a4b9701be872ff9bc504625e793
https://doi.org/10.1016/j.red.2020.10.008

An heterogeneous-agent New-Monetarist model with an application to unemployment

Autor: Guillaume Rocheteau, Pierre-Olivier Weill, Tsz-Nga Wong

Publikováno v: Journal of Monetary Economics. 117:64-90

A New-Monetarist model is constructed with expenditure and unemployment risks that generates equilibria with non-degenerate distribution of money holdings. Distributional effects can overturn key insights of the model with degenerate distributions, e

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_________::2d5108965c65410c9b3b0fab947832ae
https://doi.org/10.1016/j.jmoneco.2019.11.006

New Monetarism in Continuous Time: Methods and Applications

Autor: Michael Choi, Guillaume Rocheteau

Publikováno v: The Economic Journal. 131:658-696

We develop a New Monetarist model in continuous time where agents trade continuously in competitive markets and infrequently in pairwise meetings. Agents can produce and consume both in flows over time intervals and in discrete quantities at points i

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_________::176af5c2aa93c8a2c9b27a681cde3d58
https://doi.org/10.1093/ej/ueaa093

Money mining and price dynamics: The case of divisible currencies

Autor: Michael Choi, Guillaume Rocheteau

Publikováno v: Journal of Economic Dynamics and Control. 142:104152

We develop a random-matching model to study the price dynamics of divisible monies produced privately through mining. The equilibrium set is composed of a unique equilibrium where the value of money increases until it reaches a steady state and, if m

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_________::3e14a192c30c788c94f34a9dfa6efb1a
https://doi.org/10.1016/j.jedc.2021.104152

A Model of Retail Banking and the Deposits Channel of Monetary Policy

Autor: Guillaume Rocheteau, Michael Choi

Publikováno v: SSRN Electronic Journal.

We develop a dynamic, search-theoretic model of bank deposit and loan markets where relationships are bilateral, the demand for liquid assets is microfounded, and consumers are privately informed about their liquidity needs. As the policy rate rises,

Externí odkaz: https://explore.openaire.eu/search/publication?articleId=doi_________::bbabeac64a0a0553cadc450ec63a6464
https://doi.org/10.2139/ssrn.3902336