Monetary Economics

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					                                          Monetary Economics

What follows is a very long list of papers related to the topics that will be covered in this
course. Obviously, we will discuss explicitly only a fraction of this material, but it may be
good to have an extensive bibliography. A separate abridged reading list will follow.

I. Background, History, and History of Thought

1      G. McCandeless, A. Rolnick and W. Weber (1993) "What is Money?" and “How
       Money Evolved in the United States,” Chapters 2 and 3 in Money, Banking and
       Economic Activity, typescript.

2      Jack Weatherford (1997) The History of Money, New York: Three Rivers Press.

3      Glyn Davies (2002) A History of Money From Ancient Times to the Present Day,
       3rd. ed. Cardiff: University of Wales Press.

4      Adam Smith (1776) "Of the Origin and Use of Money," Book I, Chapter IV, in An
       Inquiry Into the Nature and Causes of The Wealth of Nations; reprinted in Starr
       (1990).

5      W. Stanley Jevons (1875) Money and the Mechanism of Exchange, London:
       Appleton, Chapters I-III; reprinted in Starr (1990).

6      Karl Menger (1892) "On the Origin of Money," Economic Journal 2, 239-255;
       reprinted in Starr (1990).

7      Knut Wicksell (1911) Lectures on Political Economy,Vol. 2, Money, translated by
       E. Classen, 2nd ed., New York: Kelley, 1967.

8      Ludwig von Mises (1912) The Theory of Money and Credit. Translated by Harold
       E. Baston. Oxford: Alden, 1934.

9      John R. Hicks (1935) "A Suggestion for Simplifying the Theory of Money,"
       Economica 2, 1-19; reprinted in Starr (1990).

10     Robert Clower (1965) "A Reconsideration of the Microfoundations of Monetary
       Economics," Western Economic Journal 6, 1-8.

11     Armen A. Alchian (1977) "Why Money?" Journal of Money, Credit, and Banking
       9, 133-140.

12     R. A. Radford (1945) “The Economic Organization of a P.O.W. Camp,”
       Economica, Nov. 1945.


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II. Surveys

1     Joseph M. Ostroy and Ross M. Starr (1990) "The Transaction Role of Money," in
      Handbook of Monetary Economics, edited by B. Friedman and F.Hahn,
      Amsterdam: North-Holland.

2     Ross Starr (1990) General Equilibrium Models of Monetary Economics. New
      York, Academic Press.

3     Neil Wallace (1997) “Absence-of-Double-Coincidence Models of Money: A
      Progress Report,” Federal Reserve Bank of Minneapolis Quarterly Review,
      Winter 1997.

4     Neil Wallace (1999) “A Dictum in Monetary Theory,” Federal Reserve Bank of
      Minneapolis Quarterly Review, Winter 1999.

5     Peter Ruprt et al. (2000) “The Search-Theoretic Approach to Monetary
      Economics: A Primer,” Fed Res Bank of Cleveland Review 36, 10-28.

6     Victor Li (2000)


II. Commodity Money Medium of Exchange Models

2     Nobuhiro Kiyotaki and Randall Wright (1989) "On Money as a Medium of
      Exchange," Journal of Political Economy 97, 927-954.

3     Timothy J. Kehoe, Nobuhiro Kiyotaki and Randall Wright (1993) "More on Money
      as a Medium of Exchange," Economic Theory 3, 297-314.

4     Randall Wright (1995) "Search, Evolution, and Money," Journal of Economic
      Dynamics and Control 19, 181-206.

5     S. Rao Aiyagari and Neil Wallace (1991) "Existence of Steady States with
      Positive Consumption in the Kiyotaki-Wright Model," Review of Economic Studies
      58, 901-16.

6     S. Rao Aiyagari and Neil Wallace (1992) "Fiat Money in the Kiyotaki-Wright
      Model," Economic Theory 2, 447-464.

7     Juan M. Renero (1994) “Welfare of Alternative Equilibrium Paths in the Kiyotaki-
      Wright Model,” manuscript.

8     Juan M. Renero (1997) “Does and Should a Commodity Medium of Exchange

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      Have Relatively Low Storage Costs?” International Economic Review,
      forthcoming.

9     Juan M. Renero (1996) “Stable and Unstable Steady States in the Kiyotaki-
      Wright Model,” Economic Theory, forthcoming.

10    Xavier Cuadras-Morateo and Randall Wright (1997) "On Money as a Medium of
      Exchange when Goods Differ by Supply and Demand,” Macroeconomic
      Dynamics 1, 680-700.

11    P.M. Brown (1996) “Experimental Evidence on Money as a Medium of
      Exchange,” Journal of Economic Dynamics and Control 20, 583-600.

12    John Duffy and Jack Ochs (1996) “Emergence of Money as a Medium of
      Exchange: An Experimental Study,” manuscript.

13    John Duffy and Jack Ochs (1996) “Fiat Money as a Medium of Exchange:
      Experimental Evidence,” manuscript.


III. Search-Theoretic Models

2     Peter Diamond (1982) "Aggregate Demand Management in Search Equilibrium,"
      Journal of Political Economy 90, 881-894.

3     Peter Diamond (1984) "Money in Search Equilibrium," Econometrica 52, 1-20.

4     Nobuhiro Kiyotaki and Randall Wright (1991) "A Contribution to the Pure Theory
      of Money," Journal of Economic Theory 53, 215-235.

5     Nobuhiro Kiyotaki and Randall Wright (1993) "A Search-Theoretic Approach to
      Monetary Economics," American Economic Review 83, 63-77.

6     K. Iwai 1(996)"The bootstrap theory of money: A search-theoretic foundation of
      monetary economics,” Structural Change and Economic Dynamics 7,451-477.

6     Shouyong Shi (1997) “Money and Specialization,” Economic Theory 10, 99-113.

7     Victor Li (1995) "The Optimal Taxation of Fiat Money in Search Equilibrium,”
      International Economic Review 36, 927-942.

8     Victor Li (1994) "Inventory Accumulation in a Search-Based Monetary Economy,”
      Journal of Monetary Economics 34, 511-536.

9     Randall Wright (1993) "A Note on Sunspot Equilibria in Search Models of Fiat

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     Money," Journal of Economic Theory 64, 234-241.

10   Randall Wright (1999) "A Note on Asymmetric and Mixed-Strategy Equilibria in
     the Search-Theoretic Model of Fiat Money," Economic Theory 14, 463-471.

11   Klaus Kullti (1994) "Finite Horizon Monetary Economy," Journal of Economic
     Dynamics and Control.

12   Klaus Kullti (1994) "Money and Markets," Economics Letters 45, 59-62.

13   Kenneth Burdett et al. (1995) "Buyers and Sellers: Should I Stay or Should I
     Go?" American Economic Review 85, Papers and Proceedings, 281-286.

14   Rachel Kranton (1996) “Reciprocal Exchange: A Self-Sustaining System”
     American Economic Review 86, 830-851.

15   Eduardo Siandra (1995) “Partnerships, Search and Money,” manuscript.

16   Dean Corbae and Joseph Ritter (1997) “Money and Search with Enduring
     Relationships,” manuscript.

17   Neil Wallace (1997) “Absence-of-Double-Coincidence Models of Money: A
     Progress Report,” Federal Reserve Bank of Minneapolis Quarterly Review,
     Winter 1997.


IV. Search and Bargaining Models

2    Ariel Rubinstein and Asher Wolinsky (1985) "Equilibrium in a Market with
     Sequential Bargaining," Econometrica 53, 133-50.

3    Douglas Gale (1987) "Limit Theorems for Model with Sequential Bargaining,"
     Journal of Economic Theory 43, 20-54.

4    Martin J. Osborne and Ariel Rubinstein (1990) Bargaining and Markets,
     Academic Press.

5    Dale T. Mortensen and Randall Wright (1996) “Competitive Pricing and Efficiency
     in Search Equilibrium,” International Economic Review 43 (2002), 1-20.

6    Ariel Rubinstein and Asher Wolinsky (1987) "Middelmen," Quarterly Journal of
     Economics 102, 581-593.

7    Shouyong Shi (1995) "Money and Prices: A Model of Search and Bargaining,"
     Journal of Economic Theory 67, 467-496.

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8     Alberto Trejos and Randall Wright (1995) "Search, Bargaining, Money and
      Prices," Journal of Political Economy 103, 118-141.

9     Merwan Engineer and Shouyong Shi (1998) “Asymmetry, Imperfectly
      Transferable Utility, and the Role of Fiat Money in Improving the Terms of
      Trade”Journal of Monetary Economics, 41, 153-183.

10    Merwan Engineer and Shouyong Shi (1999) “Bargains, Barter and Money,”
      Review of Economic Dynamics.

11    Alexander Berentsen and Guillame Rocheteau (2000) “The Role of Money in
      Double Coincidence Environments,” manuscript.

12    Melvyn Coles and Randall Wright (1996) “A Dynamic Equilibrium Model of
      Search, Bargaining, and Money,”Journal of Economic Theory 78, 32-54.

13    Alexander Berentsen, Miguel Molico and Randall Wright (1998) "Indivisibilities,
      Lotteries and Monetary Exchange," Journal of Economic Theory.

14    Peter Ruper, Martin Schindler and Randall Wright (2001) “Generalized Saerch
      Theoretic Model of Monetary Exchange,” Journal of Monetary Economics , 48,
      605-622.

15    Saqib Jafarey and Adrian Masters (2003) “Output, Prices, and the Velocity of
      Money in Search Equilibrium,”Journal of Money, Credit and Banking 35, 871-888.

16    Noritaka Kudoh (2000) “Matching, Bargaining and Dispersed Values of Fiat
      Currency,” manuscript.


V. Private Information Models

2     Steve Williamson and Randall Wright (1994) "Barter and Monetary Exchange
      Under Private Information," American Economic Review 84, 104-123.

3     Alberto Trejos (1993) "Incentives to Produce Quality and the Liquidity of Money,”
      Economic Theory 9, 355-365.

4     Alberto Trejos (1994) "Money and Prices under Private Information," International
      Economic Review.

5     Young Sik Kim (2000) "Search, Bargaining, Money and Prices under Private
      Information: A Note"


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6     Xavier Cuadras-Morato (1994) "Commodity Money in the Presence of Goods of
      Heterogeneous Quality," Economic Theory 4, 579-591.

7     Yiting Li (1995) "Commodity Money under Private Information," Journal of
      Monetary Economics 36, 573-592.

8     Yiting Li (1998) "Middlemen and Private Information," Journal of Monetary
      Economics, forthcoming.

9     Ying Li (1999) "Money and Middlemen with Private Information," Economic
      Inquiry 37, 1-12.

10    Francios Velde, Warren Weber and Randall Wright (1997) “A Model of
      Commodity Money, with Applications to Gresham’s Law and the Debasement
      Puzzle,” Review of Economic Dynamics, forthcoming.

11    Young Sik Kim (1996) “Money, Barter and Costly Information Acquisition,”
      Journal of Monetary Economics 37, 119-142.

12    Hugo A. Hopenhyan and Ingrid M. Werner (1994) "Information, Liquidity, and
      Asset Trading in a Random Matching Game," Journal of Economic Theory,
      forthcoming.

11    Urs Haegler (1997) “Fiat Money and Quality Uncertainty,” Economica 64,
      547-565.

11    Agostino Manduchi (2000) “Money in Search Equilibrium with Costly
      Information,” manuscript.

13    Aleksander Berentsen and Guillame Rocheteau (2000) “On Money and Lemons,”
      manuscript.

14    Young Sik Kim (1996) “Money, Barter and Costly Information Acquisition,”
      Journal of Monetary Economics 37, 119-142.


VI. International Currency Models


1     Kiminori Matsuyama, Nobuhiro Kiyotaki and Akihiro Matsui (1993) "Toward a
      Theory of International Currency," Review of Economic Studies 60, 283-307.

2     Roulin Zhou (1997) “Currency Exchange in a Random Search Model,” Review of
      Economic Studies 84, 389-310.


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2     Alberto Trejos and Randall Wright (1996) "Search Theoretic Models of
      International Currency," Fed Res Bank of St. Louis Review 78, 117-132.

      Randall Wright and Alberto Trejos (2001) " International Currency," Advances in
      Macroeconomics 1, Article 3.

3     Elisabeth Soller Curtis and Christopher J. Waller (2000) “A Search Theoretic
      Model of Legal and Illegal Currency,” Journal of Monetary Economics 45,155-
      184.

4     Elisabeth S. Curtis and Christopher J. Waller (2001) “Currency Restrictions,
      Government Transaction Policies, and Currency Exchange,” Economic Theory,
      forthcoming.

5     G. Camera and J. Winkler (2000) “Currency Substitution and the Law of One
      Price,” manuscript.

6     Ben Craig and Christopher J. Waller (2001) “Currency Portfolios and Currency
      Exchange in a Search Economy,” manuscript.

7     K. Ravikumar and Neil Wallace (2001) “A Benefit of a Uniform Currency,”
      manuscript.

8     Sebastion Lotz and Guillame Rocheteau (2001) “Launching of a New Currency in
      a Simple Random Matching Model,” forthcoming in Journal of Money Credit and
      Banking.

9     Alan Head and Shouyong Shi (2001) “Search, Inflation and Exchange Rates,”
      manuscript.

10    Brian Peterson (2001) “Endogenous Liquidity, Currency Flows, and Currency
      Substitution,” manuscript.


VII. Extensions and Applications

2     S. Rao Aiyagari and Neil Wallace (1997) “Government Transcations Policy, the
      Medium of Exchange, and Welfare” Journal of Economic Theory, 74, 1-18.

3     Yiting Li and Randall Wright (1998) “Policy Analysis in Search-Based Models of
      Money,” Journal of Economic Theory 81, 290-313.

4     Yiting Li (2001) “A Search Model of Circulating Private Debt with Applications to
      Monetary Policy,” IER 42, 295-246.


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5    Yiting Li (2001) “Government Transaction Policy and Gresham’s Law,” Journal of
     Monetary Economics, forthcoming.

6    S. Rao Aiyagari, Neil Wallace and Randall Wright (1996) “Coexistence of Money
     and Interest-Bearing Securities,” Journal of Monetary Economics 37, 397-420.

7    Joseph Ritter (1995) "The Transition from Barter to Fiat Money," American
     Economic Review 85, 134-149.

8    Young Sik Kim (1997) “Liquidity, Prices, Seigniorage, and the Transition from
     Barter to Fiat Money," manuscript.

9    Peter Diamond (1990) "Pairwise Credit in Search Equilibrium," Quarterly Journal
     of Economics 105, 285-319.

10   Scott Hendry (1992) “Credit in a Search Model with Money as a Medium of
     Exchange,” manuscript.

11   Shouyong Shi (1995) "Money and Credit in a Search Model with Divisible
     Commodities," Review of Economic Studies 63, 627-652.

12   Edward Green and Warren Weber (1996) “Will the New $100 Bill Decrease
     Counterfeiting,” Federal Reserve Bank of Minneapolis Quarterly Review 19, 3-10.

13   Klaus Kultti (1996) “A Monetary Economy with Counterfeiting,” Journal of
     Economics 63, 175-186.

14   Kenneth Burdett, Alberto Trejos and Randall Wright (1996) “Cigarette Money,”
     manuscript.

15   Neil Wallace and Ruilin Zhou (1997) “A Model of a Currency Shortage,”Journal of
     Monetary Economics 40, 555-572.

16   Neil Wallace (2000) “A Model of the Liquidity Structure Based on Asset
     Indivisibility,”Journal of Monetary Economics 45, 55-68.

17   Neil Wallace (2000) “Short Run and Long Run Effects of Changes in Money in a
     Random Matching Model,” Journal of Polictical Economy 105, 1293-1307.

18   A. Deviatov and Neil Wallace (2001) “Another Example in which Lump-Sum
     Money Creation is Beneficial,” Advances in Macroeconomics 1, Article 1.

19   Neil Wallace (2001) “Whither Monetary Economics,” IER 42, 847-870.

20   Ricardo Cavalcanti, Andres Erosa, and Ted Temzelides (1996) “Private Money

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      and Reserve Management in a Random Matching Model,” Journal of Political
      Economy, forthcoming.

19    Gabriel Camera (1999) “Money, Search, and Costly Matchmaking,”
      Macroeconomic Theory 4, 289-323.

19    Gabriel Camera (2001) “Dirty Money,” Journal of Monetary Economics 47, 377-
      415.

19    Gabriel Camera (2001) “Search, Dealers and the Terms of Trade,” RED 4, 680-
      694.

21    Young Sik Kim and Shuntian Yao (2001) “Liquidity, Quality, Production Cost, and
      Welfare in a Search Model of Money,” Economic Journal 111, 114-1278.


VIII. Money and Memory

1.    Narayana Kocherlakota (1998) “Money is Memory,” Journal of Economic Theory
      81, 232-251.

2.    Narayana Kocherlakota (1998) “The Two Money Theorem,” International
      Economic Review forthcoming.

3     Narayana Kocherlakota and Neil Wallace (1998) “Optimal Allocations with
      Incomplete Record Keeping and No Committment,” Journal of Economic Theory
      81, 272-289.

4     Ricardo Cavalcanti and Neil Wallace (1999) “A Model of Private Bank-Note
      Issue,” Review of Economic Dynamics, 2, 104-136

5     Ricardo Cavalcanti and Neil Wallace (1999) “Inside and Outside Money as
      Alternative Media of Exchange,” Journal of Money, Credit and Banking, 31, 443-
      457

6     Luis Araujo (2001) “Social Norms and Money,” Journal of Monetary Economics,
      forthcoming.

7     Guilherme Belo Carmona (2001) “Social Norms and Monetary Trading,”
      manuscript.


IX. Technical Contributions

2     Diamond and D. Fudenberg (1989) "Rational Expectations Business Cycles in

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      Search Equilibrium," Journal of Political Economy 97, 606-619.

3     Michele Boldrin, Nobuhiro Kiyotaki, and Randall Wright (1993) "An Equilibrium
      Model of Search, Production and Exchange," Journal of Economic Dynamics
      and Control 17, 123-758.

4     Rajiv Sethi (1996) “Evolutionary Stability and Media of Exchange,” manuscript.

5     Guo Ying Luo (1997) “The Evolution of Money as a Medium of Exchange,”
      Journal of Economic Dynamics and Control, forthcoming.

6     Ramon Marimon, Ellen R. McGrattan, and Thomas J. Sargent (1990) "Money as
      a Medium of Exchange in an Economy with Artificially Intelligent Agents,"
      Journal of Economic Dynamics and Control 14, 329-373.

7     Sylvia Staudinger (1997) “Money as a Medium of Exchange - An Analysis with
      Genetic Algorithms,” manuscript.

8     Hector Lomeli and Ted Temzelides (2001) “Discrete Time Dynamics in a
      Random Macthing Monetary Model,”Economic Theory, forthcoming.



X. Distributional Models

2     Edward Green and Ruilin Zhou (1998) “A Rudimentary Model of Search with
      Divisible Money and Prices,” Journal of Economic Theory 81, 252-271

3     Ruilin Zhou (1999) “Individual and Aggregate Real Balances in a Random
      Matching Model,” International Economic Review 40, 1009-1038.

4     Ruilin Zhou (1999) “Does Commodity Money Eliminate the Indeterminacy of
      Equilibria?” manuscript.

5     Ruilin Zhou (1999) “Money and the Law of One Price: The Case without
      Discounting” manuscript.

6     Gabriel Camera and Dean Corbae (1999) “Monetary Patterns of Exchange with
      Search,” International Economic Review, 40.

7     Miguel Molico (1996) “The Distribution of Money and Prices in Search
      Equilibrium,” manuscript.

8     A.N. “Berensten (2000) “Money Inventories in Search Equilibrium,” JMCB 32,
      168-178.

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9     A.N. “Berensten (1999) “Stationary and Nonstationary Distributions of the
      Optimum Quantity of Money,” IER

7     Guillaume Rocheteau (1998) “Optimal Quantity of Money and Trade Frictions”
      manuscript.

10    Neil Wallace (1996) “Questions Concerning Rate-of-Retrun Dominace and
      Indeterminacy in Absence-of-Double-Coincidence Models of Money,” manuscript.

11    Alexander Taber and Neil Wallace (1999) “The Divisibility of Money and Welfare
      in a Matching Model,“ International Economic Review, 40.

12    Shouyong Shi (1997) “A Divisible Search Model of Fiat Money,” Econometrica
      65, 75-102.

13    Bernard Rauch (2000) “A Divisible Search Model of Fiat Money: A Comment,”
      Econometrica 68, 149-156.

14    Shouyong Shi (1998) “Search for a Monetary Propagation Mechanism,” Journal
      of Economic Theory 81, 314-352.

15    Shouyong Shi (1999) “Search, Inflation and Capital Accumulation,” Journal of
      Monetary Economics 44, 81-103.

16    Shouyong Shi (2001) “Liquidity, Bargaining, and Multiple Equilibria in a Search
      Monetary Model,” Annals of Economics and Finance 2, 191-217.

12    Aleksander Berentsen (2000) “Time-Consistent Private Supply of Outside Paper
      Money.”


Chris Waller’s reading list for multiple currency models

1. Aiyagari S. R., N. Wallace and R. Wright (1996). "Coexistence of Money and Interest-
Bearing Securities," Journal of Monetary Economics 37, 397-420.

2. Burdett, K., A. Trejos and R. Wright (2001). "Cigarette Money," Journal of Economic
Theory 99, 117-142.

3. Cavalcanti, R. (2000). "The Color of Money," mimeo.

4. Craig, B. and C. Waller (2004). "Currency Portfolios and Currency Exchange in a
Search Economy" Journal of Monetary Economics 51, 671-689.


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5. Craig, B. and C. Waller (2000). "Dual-Currency Economies as Multiple-Payment
Systems," Economic Review, FRB-Cleveland 36, 2-13.

6. Craig, B., G. Camera and C. Waller (2004)."Currency Competition in a Fundamental
Model of Money" Journal of International Economics 64, 521-- 544.

7. Lagos, R. and G. Rocheteau (2004). "Money and Capital as Competing Media of
Exchange," mimeo, FRB-Cleveland.

8. Lotz, S. and G. Rocheteau (2002). "Launching of a New Currency in a Simple
Random Matching Model," Journal of Money, Credit and Banking 34, No. 3, Part 1.

8.5 Lotz, S. (2004). "Introducing a New Currency: Government Policy and Prices,"
European Economic Review 48, 959-982.

9. Hayek, Friedrich A. (1976). Denationalisation of Money, Hobart Paper Special, 70,
Institute of Economic Affairs, London.

10. Head A. and S. Shi (2003). "A Fundamental Theory of Exchange Rates and Direct
Currency Trades," Journal of Monetary Economics 50, 1555-1591.

11. Kareken, J. and N. Wallace (1981). "On the Indeterminancy of Equilibrium
Exchange Rates," Quarterly Journal of Economics 96, 207-222.

12. Kocherlakota, N. (2002). "The Two Money Theorem," International Economic
Review 43, 333-346.

13. Kocherlakota, N. and T. Krueger, (1999). A Signalling Model of Multiple Currencies,
Review of Economic Dynamics 2, 231-244.

14. Li, Y. and R. Wright (1998). "Government Transaction Policy, Media of Exchange
and Prices," Journal of Economic Theory 81, 290-313.

15. Matsuyama, K., N. Kiyotaki and A. Matsui (1993). "Towards a Theory of
International Currency," Review of Economic Studies 60, 283-307.

16. Peterson, B (2004). "The Effects of Trade Linkages on Dollarization," mimeo,
Indiana University.

17. Ravikumar, K. and N.Wallace (2001). "A Benefit of Uniform Currency," mimeo,
Pennsylvania State University.

18. Shevchenko, A. and R. Wright (2004). "A Simple Search Model of Money with
Heterogeneous Agents and Partial Acceptability," Economic Theory 24, 877-886.


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19. Shi, S. (1995) "Money and Prices: A Model of Search and Bargaining," Journal of
Economic Theory 67, 467-96

20. Soller-Curtis, E. and C. Waller (2000). "A Search Theoretic Model of Legal and
Illegal Currency" Journal of Monetary Economics 45, 155-184.

21. Trejos, A. and R. Wright, (1996). Search Theoretic Models of International Currency,
Federal Reserve Bank of St. Louis Review 78, 117-132.

22. Velde, F., W. Weber and R. Wright (1999), "A Model of Commodity Money," Review
of Economic Dynamics 2, 291-323.

23. Waller, C. and E. Curtis, E. (2003). "Currency Restrictions, Government Transaction
Policies and Currency Exchange" Economic Theory 21, 19-42.

24. Wang, W., 2000. Essays on Search Monetary Economy, Chapter IV. Ph.D.
Dissertation, Queen's University.

25. Wright, R. and A. Trejos, (2001). "International Currency," Advances in
Macroeconomics 1, Article 3.

26. Zhou, R. (1997). "Currency Exchange in a Random Search Model," Review of
Economic Studies, 84, 289-310.




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