Yeni Parasalcı Bir Değişim Ekonomisinin Evrimsel Dinamikleri: Oyuncu-Temelli Modelleme

Abstract

Monetary economics explores the relationship between the real and nominal variables in an economy. The models in this area mainly, by taking the quantity of money in the focus of interest, investigates the interaction of monetary policy equipments with money supply and demand, and the effects of this interaction on the money supply and the general price level. The studies mainly focused on understanding the determinant factors of money demand and, constructing empirical models that develop and estimate these factors. Due 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 why fiat money, which is an intrinsically valueless asset, is essential in exchange transactions and how it plays the role as a medium of exchange – need to be established. To achieve this, the exchange process in decentralized markets and what happened during the agents’ utility maximization process should be modelled. Search and matching approach is the most convenient instrument for this kind of modelling. In this study a search-based monetary game model has been established; the behavior of a population with a large number of and strategically thinking agents in an exchange economy which involves two varied mediums of exchange that are subject to transaction costs are examined. In the view that exchange process is a dynamic process, it is questioned in which conditions and how the population evolves in choosing either one of the medium of exchanges. In the study of evolutionary dynamic equilibrium, evolutionary stable strategy and replicator dynamics approaches has been used. In addition, by making an agent-based simulation of the model, the consistency of the model with real life situation has been examined. The findings of the evolutionary x dynamics analysis shows that the population always evolves in using the medium of exchange that is subject to lower transaction cost. The findings of the agent-based simulation are mostly affirmative with this implication but yet, in some random situations it has been observed that the population evolves in a polymorphic state in which the majority of the population choose to use the medium of exchange that is subject to lower transaction cost.