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has been cited by the following article:

• TITLE: Observationally Equivalent Financial Mechanisms in an OLG Model with Spatial Separation

  AUTHORS: Eisei Ohtaki

  KEYWORDS: Financial Intermediation, Search, Overlapping Generations Model, Spatial Separation, Friedman Rule

  JOURNAL NAME: Theoretical Economics Letters, Vol.11 No.2, April 7, 2021

  ABSTRACT: This study introduces search frictions into a variant of overlapping generations environments, as in Smith (2002). In the model, this study compares financial intermediation to trading shares in decentralized secondary markets. The results show that under certain conditions, both financial mechanisms generate the same equilibrium outcome.