Inventories and Money Holdings in a Search Economy
构建了一个包含瓦尔拉斯劳动力市场和随机搜索零售市场的连续时间模型，分析货币持有的均衡分布，并考察货币注入对价格、工资和交易率的瞬时与长期影响。
The authors analyze a continuous time model with a Walrasian labor market and a random search retail market with prices set on a take-it or leave-it basis. The equilibrium distribution of money holdings is the asymptotic steady state of this stochastic process. There is a unique uniform price steady state equilibrium. The faster the search process the higher the absolute price, wage, and real wage. The instantaneous effect of an equal per capita infusion of money is to raise the price, wage, real wage, and transactions rate. The immediate post-infusion price and wage can overshoot their new asymptotic values. Copyright 1990 by The Econometric Society.