On Complicated Dynamics in Simple Monetary Models
研究了不可分割资产流动性搜索模型中确定性的稳态和非稳态均衡，发现内生变量可随时间自我实现地变化，但长期不会出现循环。
Abstract We provide a complete characterization of stationary and nonstationary deterministic equilibria in search models of liquidity with indivisible assets. Two formulations are considered: the usual one with random search and bargaining; and a less common but arguably better one with directed search and posting. Also, we consider general meeting technologies. This is interesting because some results are easy with the particular technologies in previous studies but not in general. As is known, these models have equilibria where endogenous variables change over time as self‐fulfilling prophecies. More surprisingly, we prove there are no equilibria where they cycle in the long run.