EFFICIENT MONETARY EQUILIBRIUM - AN OVERLAPPING GENERATIONS MODEL WITH NONSTATIONARY MONETARY POLICIES
成果类型：
Article
署名作者：
ESTEBAN, J; MITRA, T; RAY, D
署名单位：
Cornell University; Boston University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1994.1073
发表日期：
1994
页码：
372-389
关键词：
摘要：
This paper is concerned with the characterization of public debt policies that are consistent with competitive equilibria in which (i)money is positively priced, and (ii)intertemporal allocation is efficient. The framework used is an overlapping generations model with many goods, agents with two-period lifetimes, and nonstationary tax-transfer policies. We show, under some regularity conditions on such policies that the size of the public debt not growing ''too fast'' is both necessary and sufficient for the existence of an efficient monetary equilibrium. (C) 1994 Academic Press, Inc.