Equilibrium is analyzed for a simple barter model with identical risk-neutral agents where trade is coordinated by a stochastic matching process. It is shown that there are multiple steady-state rational expectations equilibria, with all non-corner solution equilibria inefficient. This implies that an economy with this type of trade friction does not have a unique natural rate of unemployment.

R. A. Taggart, Jr., Session Topic: Issues in Corporate Finance: Discussion, The Journal of Finance, Vol. 37, No. 2, Papers and Proceedings of the Fortieth Annual Meeting of the American Finance Association, Washington, D.C., December 28-30, 1981 (May, 1982), pp. 321-323

Ronald R. Braeutigam, Andrew F. Daughety, Mark A. Turnquist, The Estimation of a Hybrid Cost Function for a Railroad Firm, The Review of Economics and Statistics, Vol. 64, No. 3 (Aug., 1982), pp. 394-404