Listagem por autor "Araujo, Luis Fernando Oliveira de"
Itens para a visualização no momento 1-18 of 18
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A coordination approach to the essentiality of money
2015-03-16The essentiality of money is commonly justi ed on e¢ ciency grounds. In this paper, we propose an alternative view on the essentiality of money. We consider an economy with llimited monitoring where agents have to coordinate ... -
Coordination in the use of money
2013-08-02Fundamental models of money, while explicit about the frictions that render money essential, are silent on how agents actually coordinate in its use. This paper studies this coordination problem, providing an endogenous ... -
The effect of options on coordination
2013-08-02This paper studies how constraints on the timing of actions affect equilibrium in intertemporal coordination problems. The model exhibits a unique symmetric equilibrium in cut-o¤ strategies. The risk-dominant action of the ... -
Informal wages in an economy with active labor courts
2012-09-12In most developing countries, job regulations and the justice branch interfere on several aspects of labor contracts. Inspired by this fact, we build a model that explores the role of labor courts in the determination of ... -
Information learning and the stability of fiat money
2004-08We analyze the stability of monetary regimes in a decentralized economy where fiat money is endogenously created, information about its value is imperfect, and agents only learn from their personal trading experiences. We ... -
Institutional quality and capital taxation
2016-02We describe the preferred taxation regime in a small economy with uncertain institutional quality. We obtain that a preferential taxation regime in which taxes can be matched to the mobility of the tax base may be worse ... -
Institutions and export dynamics
2016We study how contract enforcement and export experience shape firm export dynamics in an environment with incomplete information. We show that exporters start with higher volumes and sell for longer periods in countries ... -
Intertemporal coordination with delay options
2015-05This paper studies equilibrium selection in intertemporal coordination problems with delay options. The risk-dominant action of the underlying one-shot game is selected when frictions are arbitrarily small. Larger frictions ... -
Knowledge sharing and the dynamics of social capital
2011-12Mutual aid often entails the sharing of knowledge. We investigate how, in turn, knowledge sharing affects the long-run dynamics of mutual aid. In our economy, agents with specific knowledge are 'held up' by their principals. ... -
Limited memory and the essentiality of money
2010-06-25This paper investigates the relationship between memory and the essentiality of money. We consider a random matching economy with a large finite population in which commitment is not possible and memory is limited in the ... -
Limited monitoring and the essentiality of money
2015-05Monetary theory emphasizes that imperfect monitoring is necessary for money to be essential, that is, for money to achieve socially desirable allocations. Little is known about how limited monitoring must be if money is ... -
Markets and relationships in a learning economy
2010-07It is generally agreed that within long-term relationships agents learn the characteristics of their market partners better than through spot transactions. In contrast, little is known on how relationship-based and ... -
Monetary equilibrium with decentralized trade and learning
2010-06-25This paper analyzes the stability of monetary regimes in an economy where fiat money is endogenously created by the government, information about its value is imperfect, and learning is decentralized. We show that monetary ... -
Money versus memory
2010-06-25A well–established fact in monetary theory is that a key ingredient for the essentiality of money is its role as a form of memory. In this paper we study a notion of memory that includes information about an agent’s past ... -
On the essentiality of banks
2011-08We compare allocations sustained by credit with allocations sustained by bank notes (inside money) in a search model with decentralized trade and limited monitoring. We demonstrate that there exists a credit arrangement ... -
On the origins of monetary exchange
2017-05-30 -
Social norms and money
2000-07-06In an economy where there is no double coincidence of wants and without recordkeeping of past transactions, money is usually seen as the only mechanism that can support exchange. In this paper, we show that, as long as the ... -
Trust-based trade
2005-07-01There is substantially more trade within national borders than across borders. An important explanation for this fact is the weak enforcement of international contracts. We develop a model in which agents build reputations ...
