演講者簡介 : Professor Choi received his Ph.D. in Economics from University of Wisconsin-Madison at 2013. He is currently an Assistant Professor at The University of Iowa. His research fields are Macroeconomics, Microeconomics, Monetary Economics and Search Theory.
演講摘要 : We analyze goods markets consistent with salient features of retail trade: there is price dispersion; there is some random and some directed search; both money and credit are used in payments; and the terms of trade are often posted, but there is some bargaining. Money and credit coexist because the former (latter) bears an inflation tax (transaction cost). Other phenomena arise because of informational heterogeneity. The model is used to study the effects of changing inflation, information and credit conditions. Theory delivers sharp qualitative predictions. Calibrated versions yield novel quantitative results and new insights into the effects of monetary policy.
