Money and Price Dispersion
在货币搜寻模型中放宽存储技术限制，研究价格离散现象。即使偏好和技术相同，不同交易匹配中价格也会不同，并分析了货币供给对价格水平和离散度的影响。
We relax restrictions on the storage technology in a prototypical monetary search model to study price dispersion. In this case, buyers and sellers enter matches with potentially different willingness to trade. Across the distribution of possible bilateral matches, prices generally will differ even though agents have identical preferences and technologies. We provide existence conditions for a particularly simple equilibrium pattern of exchange. We prove that in the limiting case where search frictions are eliminated, equilibrium prices are uniform. We also show that a higher initial money stock can raise the average price level and increase price dispersion.