Search and Matching Approach In Monetary Theory: New Monetarism

Year 2023, Volume: 7 Issue: 1, 842 - 861, 25.01.2023

Zeynep Yener Gök

https://doi.org/10.25295/fsecon.1208968

Abstract

Models in monetary economics literature mainly accept that money is valuable and take the quantity of money in the focus of interest but not the role of money as a medium of exchange. According to the New Monetarist Economics point of view, in order to make progress in monetary theory and policy analysis, explicit models that give rise to a role for fiat money as a medium of exchange - that shows how fiat money, which is an intrinsically valueless asset, the role as a medium of exchange – need to be established. To achieve this, the exchange process in decentralized markets and what happens during the agents’ utility maximization process should be modeled. The most convenient instrument to internalize and model the role of money as a medium of exchange is search and matching approach which is a game-theoretic method that takes microfoundations in the exchange process into account. In this study a class of basic search and matching models used in modeling the exchange process and the role of money as medium of exchange in particular are examined and the main ideas about the subject are conveyed.

Keywords

New Monetarism, Search and Matching Models, Monetary Theory, Yeni Parasalcılık, Arama ve Eşleşme Teorisi, Para Teorisi

Para Teorisinde Arama ve Eşleşme Yaklaşımı: Yeni Parasalcılık

Abstract

Parasal iktisat literatüründeki modeller genellikle paranın değerli olduğunu kabul ederek para miktarını ilgi odağına alan ancak paranın değişim aracı rolü üzerinde durmayan modellerdir. Yeni Parasalcı İktisat yaklaşımının görüşüne göre parasal teori ve politika analizinde gelişme sağlanabilmesi için karşılıksız paranın değişim aracı rolü almasını sağlayan - yani aslen değersiz bir varlık olan karşılıksız paranın değişim işlemlerinde nasıl değişim aracı rolü üstlendiğini gösteren - açık modeller kurulması gerekmektedir. Bunu yapabilmek için dağınık piyasada değişim sürecinin nasıl geliştiğini, oyuncuların faydalarını maksimize etmeleri sürecinde neler olduğunu modelleyebilmek gerekir. Paranın değişim aracı rolünü içselleştirerek modellemek için en uygun araç, değişim sürecindeki miktoremelleri göz önüne alan ve oyun teorik bir yöntem olan arama ve eşleşme yaklaşımıdır (search and matching approach). Bu çalışmada; değişim sürecinin ve özellikle paranın değişim aracı rolünün modellenmesinde kullanılan temel arama ve eşleşme modelleri incelenerek konu ile ilgili bazı ana fikirler aktarılmıştır.

Keywords

Yeni Parasalcılık, Arama ve Eşleşme Teorisi, Para Teorisi

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