Stationary monetary equilibria in overlapping generations models with incomplete markets
成果类型：
Article
署名作者：
Gottardi, P
署名单位：
Harvard University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.0109
发表日期：
1996
页码：
75-89
关键词：
摘要：
The objective of this paper is to study the stationary monetary equilibria of a stochastic overlapping generations model with a general incomplete asset structure. it is proved that a stationary equilibrium with a nonzero price of money generically exists and is locally isolated when there is outside money, for an open set of economies there is an equilibrium with positive money prices in all states. The equilibrium is also given a neat characterisation in terms of the properties of the underlying state prices. With only inside money there will instead be a continuum of equilibria. (C) 1996 Academic Press, Inc.
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