THE REAL VALUE OF MONEY UNDER ENDOGENOUS BELIEFS
成果类型：
Article
署名作者：
BERTOCCHI, G; WANG, Y
署名单位：
Universita di Modena e Reggio Emilia; Virginia Polytechnic Institute & State University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1995.1071
发表日期：
1995
页码：
205-222
关键词：
摘要：
We study an overlapping generations model where the level of confidence in money evolves endogenously as a function of aggregate real money balances. The economy can display multiple stationary equilibria where the aggregate bubble on money is stochastic and the level of confidence is partial. Steady states can be ranked by the degree of confidence, with more inefficiency being associated with less confidence. It is only under certain restrictions that the Golden Rule constitutes a steady state for the system. Autarky becomes unstable and complex dynamics such as cycles and chaos can emerge even under gross substitutability. (C) 1995 Academic Press, Inc.