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On the Micro-Foundations of Money: The Capitol Hill Baby-Sitting Co-Op


Thorsten Hens


Department of Banking and Finance; Norwegian School of Economics and Business Administration (NHH); Swiss Finance Institute (Zurich Center)

Klaus Reiner Schenk-Hoppé


University of Leeds - Leeds University Business School; University of Leeds - School of Mathematics

Bodo Vogt


University of Bielefeld - Institute of Mathematical Economics (IMW)
2003

HWWA Working Paper No. 255

Abstract:     
This paper contributes to the micro-foundation of money in centralized markets with idiosyncratic uncertainty. It shows existence of stationary monetary equilibria and ensures that there is an optimum quantity of money. The rational solution of our model is compared with actual behavior in a laboratory experiment. The experiment gives support to the theoretical approach.

Number of Pages in PDF File: 24

Keywords: micro foundations of money, optimal, quantity of money

JEL Classification: C73, C91, C92, E40, E41, E42

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Date posted: January 8, 2004 ; Last revised: November 21, 2011

Suggested Citation

Hens, Thorsten, Schenk-Hoppé, Klaus Reiner and Vogt, Bodo, On the Micro-Foundations of Money: The Capitol Hill Baby-Sitting Co-Op (2003). HWWA Working Paper No. 255. Available at SSRN: http://ssrn.com/abstract=480141 or http://dx.doi.org/10.2139/ssrn.480141

Contact Information

Thorsten Hens (Contact Author)
Department of Banking and Finance ( email )
Plattenstrasse 32
Zurich, 8032
Switzerland
+41-44 634 37 06 (Phone)
Norwegian School of Economics and Business Administration (NHH)
Helleveien 30
Bergen, 5045
Norway
Swiss Finance Institute (Zurich Center)
c/o University of Geneve
40, Bd du Pont-d'Arve
1211 Geneva, CH-6900
Switzerland
Klaus Reiner Schenk-Hoppé
University of Leeds - Leeds University Business School ( email )
Keyworth Building
Leeds, LS2 9JT
United Kingdom
+44 113 343 4513 (Phone)
+44 113 343 4495 (Fax)
HOME PAGE: http://www.schenk-hoppe.net
University of Leeds - School of Mathematics ( email )
Woodhouse Lane
Leeds, LS2 9JT
United Kingdom
+44 113 343 5187 (Phone)
+44 113 343 5090 (Fax)
HOME PAGE: http://www.schenk-hoppe.net
Bodo Vogt
University of Bielefeld - Institute of Mathematical Economics (IMW) ( email )
Postfach 100131
Bielefeld, D-33501
Germany
Feedback to SSRN (Beta)


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