A dynamic equilibrium model of search, production, and exchange

DOI10.1016/0165-1889(93)90012-HMaRDI QIDQ690163zbMATH OpenOpenAlexFDO

Authors Michele Boldrin, Nobuhiro Kiyotaki, Randall Wright

Publication date 1993

Published in Journal of Economic Dynamics and Control (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/0165-1889(93)90012-h

zbMATH Keywords

Bellman's equationscontinuum of commoditiescontinuum of infinite-lived agentsdynamic equilibriumexchangegeneral equilibrium model of searchmultiple steady state equilibriumproduction

Mathematics Subject Classification ID

General equilibrium theory (91B50) Economic growth models (91B62) Multisectoral models in economics (91B66)

Review text

Presented is a general equilibrium model of search, production and exchange with a continuum of infinite-lived agents and a continuum of commodities. The authors analyse the existence of a multiple steady state equilibrium and a multiple dynamic equilibrium in the economy with decreasing, constant, and increasing returns to scale. The authors deal with a nonmonetary model of the economy. Their results can potentially be applied to a monetary version of the model.

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Cited in

(19)

• Separation cycles
• Employment cycles in search equilibrium
• A dynamic equilibrium model of search, bargaining, and money
• A general equilibrium model of a production economy with asset markets.
• Intermediation in markets for goods and markets for assets
• A new look at the Diamond search model: Stochastic cycles and equilibrium selection in search equilibrium.
• Introduction to the symposium issue on money and liquidity
• scientific article; zbMATH DE number 6481517 (Why is no real title available?)
• THE DYNAMICS OF BILATERAL EXCHANGE AND DIVISION OF LABOR
• Dynamics and comparative statics of Coleman's exchange model*
• The Distribution of Inventory Holdings in a Pure Exchange Barter Search Economy
• Persistence and volatility of Beveridge cycles
• Global dynamics in a model with search and matching in labor and capital markets
• Indirect reciprocity and money
• Search theory of imperfect competition with decreasing returns to scale
• Middlemen, inventories and economic dynamics
• Non-stationary search and assortative matching
• Existence of a non-stationary equilibrium in search-and-matching models: TU and NTU
• A dynamic general disequilibrium model of a sequential monetary production economy

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