Inflation and productive activity in a multiple-matching model of money.

This paper investigates the relationship between money growth, inflation, and productive activity in a dynamic general-equilibrium, multiple-matching framework where trade frictions are manifested by limited consumption variety. Productive activity and matching in the goods market are endogenized by a time allocation decision of work and search effort. We find that a high degree of complementarity between participation in the labor and goods markets creates a channel by which inflation can positively influence production and output. This feature arises when household preferences for consumption variety is sufficiently large and it can also lead to the multiplicity of monetary equilibria.

Main Author: Laing, Derek.
Other Authors: Li, Victor., Wang, Ping.
Format: Villanova Faculty Authorship
Language: English
Published: 2006
Online Access: http://ezproxy.villanova.edu/login?url=https://digital.library.villanova.edu/Item/vudl:178043
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dc_source_str_mv Journal of Monetary Economics 54, 2007, 1949-1961.
author Laing, Derek.
author_facet_str_mv Laing, Derek.
Li, Victor.
Wang, Ping.
author_or_contributor_facet_str_mv Laing, Derek.
Li, Victor.
Wang, Ping.
author_s Laing, Derek.
spellingShingle Laing, Derek.
Inflation and productive activity in a multiple-matching model of money.
author-letter Laing, Derek.
author_sort_str Laing, Derek.
author2 Li, Victor.
Wang, Ping.
author2Str Li, Victor.
Wang, Ping.
dc_title_str Inflation and productive activity in a multiple-matching model of money.
title Inflation and productive activity in a multiple-matching model of money.
title_short Inflation and productive activity in a multiple-matching model of money.
title_full Inflation and productive activity in a multiple-matching model of money.
title_fullStr Inflation and productive activity in a multiple-matching model of money.
title_full_unstemmed Inflation and productive activity in a multiple-matching model of money.
collection_title_sort_str inflation and productive activity in a multiple-matching model of money.
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dc.title Inflation and productive activity in a multiple-matching model of money.
dc.creator Laing, Derek.
Li, Victor.
Wang, Ping.
dc.description This paper investigates the relationship between money growth, inflation, and productive activity in a dynamic general-equilibrium, multiple-matching framework where trade frictions are manifested by limited consumption variety. Productive activity and matching in the goods market are endogenized by a time allocation decision of work and search effort. We find that a high degree of complementarity between participation in the labor and goods markets creates a channel by which inflation can positively influence production and output. This feature arises when household preferences for consumption variety is sufficiently large and it can also lead to the multiplicity of monetary equilibria.
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