haku: @author Burke, J. / yhteensä: 4
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| Tekijä: | Burke, J. |
| Otsikko: | Existence of a pareto-optimal equilibrium in nearly-stationary overlapping-generations economies |
| Lehti: | Economic Theory
1995 : VOL. 5:2, p. 247-262 |
| Asiasana: | ECONOMICS OVERLAPPING-GENERATIONS MODELS THEORIES |
| Kieli: | eng |
| Tiivistelmä: | In overlapping-generations models of fiat money, the existence of a Pareto-optimal equilibrium - which defines an optimal quantity of money - is more general than well-known counter-examples suggest. For an open-dense, full-measure subset of smooth stationary economies and an open-dense subset of continuous stationary economies, introducing small variations in tastes and endowments across generations preserves the existence of an optimal equilibrium. |
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