haku: @author Gottardi, P. / yhteensä: 7
viite: 6 / 7
| Tekijä: | Gottardi, P. |
| Otsikko: | Stationary monetary equilibria in overlapping generations models with incomplete markets |
| Lehti: | Journal of Economic Theory
1996 : OCT, VOL. 71:1, p. 75-89 |
| Asiasana: | ECONOMIC THEORY MONETARY ECONOMICS INCOMPLETE MARKETS |
| Kieli: | eng |
| Tiivistelmä: | 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 equilibria 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. |
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