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Only Paul Could Go To Changchun

Dynamics of Assets Liquidity and Inequality in Economies with Decentralized Markets

8/29/2015

 
This theory paper addresses the difficult issue of understanding alternative equilibria in a dynamic decentralized asset trading markets. So for example an experiment studying the evolution of money (an asset) in a little world where agents produce and exchange because of  different skills (think comparative advantage?) or preferences.

For example think of  the paper Kiyotaki, N. and R. Wright (1989), "On Money as a Medium of Exchange," Journal of Political Economy 97.


By:

Maurizio Iacopetta
OFCE (Sciences-Po) and Skema Business School

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