外文文献： 搜寻和匹配模型的金融交易所Search-and-Matching Models of Monetary Exchange.pdfVIP

Search-and-Matching Models of Monetary Exchange Prepared for The New Palgrave by Randall Wright University of Pennsylvania 1 Introduction In this article we review a class of equilibrium search (matching) models that can be used to study the trading process, and in particular to develop a formal theory of money as a medium of exchange. Developing such a theory is one of the longest-standing issues in economics, but it met with at best limited success prior to the development of search-based models, which provide a natural frame- work in which to formalize venerable stories about money helping to facilitate exchange.1 2 Background Diamond (1982) introduced a framework that, although it cannot used directly, can be extended naturally to build microfoundations for monetary economics. In his model, a [0,1] continuum of infinitely-lived agents interact in an economy where activity takes place in two distinct sectors: one for production and one 1 These stories, going back to Smith, Jevons, Menger, Wicksell, and others (many of which are reprinted in Starr 1990) concern a double coincidence of wants problem in bilateral ex- change, as discussed below. Overlapping generations models (e.g. Wallace 1980) provide an alternative approach. Ostroy and Starr (1990) survey earlier attempts to develop microfoun- dations for monetary theory, including Jones (1976), which is similar in spirit if not detail to modern search models. There is not space here to discuss pros and cons of the various approaches, but it seems fair to say search and matching models now dominate the area. 1 for exchange. In the first sector, agents encounter