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Money in search equilibrium, in competitive equilibrium, and in competitive search equilibrium

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Table 2 shows the welfare effect of inflation for γ ≈ β. With n exogenous, inflation has only a second-order effect in competitive and competitive search equilibrium, due the envelope theorem: W is maximized and ∂W/∂γ = 0 at γ = β
FIGURE 3 (a)—Competitive search equilibrium with n = ¯ n.
FIGURE 3 (b)—Competitive search equilibrium with free entry.

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