A Note on the Core of a Monetary Economy
AbstractThis note shows that there are monetary equilibria in the model of overlapping generations that are in the core. These equilibria have positive stocks of outside money in every generation, and they support Pareto-optimal equilibrium allocations. These equilibria are thus self-enforcing, and introducing money into an economy with infinitely many agents need not be tantamount to contriving a new social institution designed to enforce sequential contracts between generations. Journal of Economic Literature Classification Numbers: E40, E60, C71.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 74 (1997)
Issue (Month): 2 (June)
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Web page: http://www.elsevier.com/locate/inca/622869
Other versions of this item:
- C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
- D5 - Microeconomics - - General Equilibrium and Disequilibrium
- D9 - Microeconomics - - Intertemporal Choice
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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