search query: @author Bertocchi, G. / total: 4
reference: 3 / 4
| Author: | Bertocchi, G. Wang, Y. |
| Title: | The real value of money under endogenous beliefs |
| Journal: | Journal of Economic Theory
1995 : OCT, VOL. 67:1, p. 205-222 |
| Index terms: | ECONOMICS THEORIES MONEY |
| Language: | eng |
| Abstract: | The authors 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. |
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