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Essays in Market Dynamics

出版	University of California, Santa Cruz, 2015
ISBN	13219331189781321933116
URL	http://books.google.com.hk/books?id=dR-JjwEACAAJ&hl=&source=gbs_api

註釋Aggregate Dynamics in a Large Virtual Economy: Prices and Real Activity in Team Fortress. Virtual economies are growing as internet technology continues to advance. We analyze a large and complete set of transaction data from the Team Fortress 2 virtual economy, which was designed to allow decentralized barter as the sole exchange institution. A small subset of goods emerges endogenously to act as media of exchange. Taking one of these money goods as numeraire, we generate daily prices for thousands of goods. We then generate macroeconomic indicators, including nominal growth and inflation. We find evidence of a particular sort of nominal rigidity related to the circulation of multiple types of currency goods, and also find some localized asset price bubbles associated with announcements by the game designers.