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  • A NOTE ON MONOTONE COMPARATIVE STATICS FOR MONETARY DIRECTED SEARCH MODELS

  • Michael Choi
  • Journal:
    Macroeconomic Dynamics / Volume 25 / Issue 6 / September 2021
    Published online by Cambridge University Press:
    16 September 2019, pp. 1625-1634

  • This note uses monotone methods to derive two sets of comparative statics results for monetary directed search models. First, it characterizes the impact of a higher inflation rate or a higher cost of using credit on market outcomes, regardless of the choice of matching function. Second, the seller-to-buyer ratio, output level, and money demand increase as the matching function becomes more efficient in a log-supermodular sense. I also consider an extension with endogenous search intensity and show that search intensity and trade volume always decrease in the nominal interest rate.