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Existence of Steady States with Positive Consumption in the Kiyotaki-Wright Model

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Author Info
Aiyagari, S Rao
Wallace, Neil

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Abstract

The authors prove the general existence of steady states with positive consumption in an N goods and fiat money version of the Kiyotaki-Wright model by admitting mixed strategies. They also show that there always exists a steady state in which everyone accepts a least-costly-to-store object. In particular, if fiat money is one such object, then there always exists a monetary steady state. The authors also establish some other properties of steady states and comment on the relationship between steady states and (incentive) feasible allocations. Copyright 1991 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 58 (1991)
Issue (Month): 5 (October)
Pages: 901-16
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Handle: RePEc:bla:restud:v:58:y:1991:i:5:p:901-16

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  1. Timothy J. Kehoe & Nobuhiro Kiyotaki & Randall Wright, 1991. "More on money as a medium of exchange," Staff Report 140, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  2. Aiyagari, S Rao & Wallace, Neil, 1992. "Fiat Money in the Kiyotaki-Wright Model," Economic Theory, Springer, vol. 2(4), pages 447-64, October.
  3. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August. [Downloadable!] (restricted)
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