Money distribution with intermediation
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/11188 |
Resumo: | 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. |
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Teles, Caio Augusto ColnagoEscolas::EPGEFGVMonteiro, Paulo KlingerBertolai, Jefferson Donizeti PereiraCavalcanti, Ricardo de Oliveira2013-09-30T12:55:31Z2013-09-30T12:55:31Z2013-06-28TELES, Caio Augusto Colnago. Money distribution with intermediation. Dissertação (Mestrado em Economia) - FGV - Fundação Getúlio Vargas, Rio de Janeiro, 2013.https://hdl.handle.net/10438/11188This 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.engMonetary TheoryIntermediationHeterogeneous agentsMechanism designEconomiaMoedaIntermediação (Finanças)Money distribution with intermediationinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINALPDFPDFapplication/pdf249330https://repositorio.fgv.br/bitstreams/8c65367b-57f6-44e3-ae1d-28c4abb1b51c/downloada3aa165cfa955b84e1621a3c404da19cMD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/8ec6c81b-6400-4070-a2a0-40b1f25ac23d/downloaddfb340242cced38a6cca06c627998fa1MD52TEXTDissertação - Caio.pdf.txtDissertação - Caio.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
Money distribution with intermediation |
title |
Money distribution with intermediation |
spellingShingle |
Money distribution with intermediation Teles, Caio Augusto Colnago Monetary Theory Intermediation Heterogeneous agents Mechanism design Economia Moeda Intermediação (Finanças) |
title_short |
Money distribution with intermediation |
title_full |
Money distribution with intermediation |
title_fullStr |
Money distribution with intermediation |
title_full_unstemmed |
Money distribution with intermediation |
title_sort |
Money distribution with intermediation |
author |
Teles, Caio Augusto Colnago |
author_facet |
Teles, Caio Augusto Colnago |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.member.none.fl_str_mv |
Monteiro, Paulo Klinger Bertolai, Jefferson Donizeti Pereira |
dc.contributor.author.fl_str_mv |
Teles, Caio Augusto Colnago |
dc.contributor.advisor1.fl_str_mv |
Cavalcanti, Ricardo de Oliveira |
contributor_str_mv |
Cavalcanti, Ricardo de Oliveira |
dc.subject.eng.fl_str_mv |
Monetary Theory Intermediation Heterogeneous agents Mechanism design |
topic |
Monetary Theory Intermediation Heterogeneous agents Mechanism design Economia Moeda Intermediação (Finanças) |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Moeda Intermediação (Finanças) |
description |
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. |
publishDate |
2013 |
dc.date.accessioned.fl_str_mv |
2013-09-30T12:55:31Z |
dc.date.available.fl_str_mv |
2013-09-30T12:55:31Z |
dc.date.issued.fl_str_mv |
2013-06-28 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
TELES, Caio Augusto Colnago. Money distribution with intermediation. Dissertação (Mestrado em Economia) - FGV - Fundação Getúlio Vargas, Rio de Janeiro, 2013. |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/11188 |
identifier_str_mv |
TELES, Caio Augusto Colnago. Money distribution with intermediation. Dissertação (Mestrado em Economia) - FGV - Fundação Getúlio Vargas, Rio de Janeiro, 2013. |
url |
https://hdl.handle.net/10438/11188 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
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