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Money distribution with intermediation

Submitted by Caio Teles (caio_act@hotmail.com) on 2013-09-26T18:52:08Z
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Previous issue date: 2013-06-28 / This paper analyzes the distribution of money holdings in a commo dity money search-based mo del with intermediation. Intro ducing heterogeneity of costs to the Kiyotaki e Wright ( 1989 ) mo del, Cavalcanti e Puzzello ( 2010) gives rise to a non-degenerated distribution of money. We extend further this mo del intro ducing intermediation in the trading pro cess. We show that the distribution of money matters for savings decisions. This gives rises to a xed p oint problem for the saving function that di cults nding the optimal solution. Through some examples, we show that this friction shrinks the distribution of money. In contrast to the Cavalcanti e Puzzello ( 2010 ) mo del, the optimal solution may not present the entire surplus going to the consumer. At the end of the pap er, we present a strong result, for a su cient large numb er of intermediaries the distribution of money is degenerated.

Identiferoai:union.ndltd.org:IBICT/oai:bibliotecadigital.fgv.br:10438/11188
Date28 June 2013
CreatorsTeles, Caio Augusto Colnago
ContributorsMonteiro, P. K., Bertolai, Jefferson Donizeti Pereira, Escolas::EPGE, FGV, Cavalcanti, Ricardo de Oliveira
Source SetsIBICT Brazilian ETDs
LanguageEnglish
Detected LanguageEnglish
Typeinfo:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis
Sourcereponame:Repositório Institucional do FGV, instname:Fundação Getulio Vargas, instacron:FGV
Rightsinfo:eu-repo/semantics/openAccess

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