Middlemen in Search Equilibrium : A Survey (Elements in Money and Banking)

Gong, Grace Xun/ Qiao, Ziqi/ Wright, Randall

Cambridge University Press（2026/05発売）

• 製本 Paperback:紙装版/ペーパーバック版／ページ数 75 p.
• 言語 ENG
• 商品コード 9781009700276

Full Description

Surveys the literature on middlemen (i.e., intermediation in exchange) reviewing, extending and consolidating key developments in the field. This is important because intermediated trade is common in reality but absent in standard general equilibrium theory. The authors focus on research using search theory. In various models, agents may act as middlemen when they are good at search, bargaining, recognizing quality, storing inventories, using credit, etc. The theory applies to markets for goods, inputs or assets. The authors discuss versions with indivisible or divisible goods, fixed or endogenous participation, stationary and dynamic equilibria, and some implications for efficiency and volatility.

Contents

1. Introduction; 2. A simple model; 3. Extending the simple model; 4. Multiplicity and dynamics; 5. Private information; 6. Intermediation chains and bubbles; 7. Inventories and directed search; 8. Intermediation in finance; 9. Money, credit and middlemen; 10. Other contributions; 11. Conclusion; References.