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Money, banks and endogenous volatility

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  • Pere Gomis-Porqueras

    ()
    (Economics Department, University of Texas at Austin, Austin, TX 78712, USA)

Abstract

In this paper I consider a monetary growth model in which banks provide liquidity, and the government fixes a constant rate of money creation. There are two underlying assets in the economy, money and capital. Money is dominated in rate of return. In contrast to other papers with a larger set of government liabilities, I find a unique equilibrium when agents' risk aversion is moderate. However, indeterminacies and endogenous volatility can be observed when agents are relatively risk averse.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 15 (2000)
Issue (Month): 3 ()
Pages: 735-745

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Handle: RePEc:spr:joecth:v:15:y:2000:i:3:p:735-745

Note: Received: March 11, 1999; revised version: March 30, 1999
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Related research

Keywords: Spatial separation; Endogenous volatility; Incomplete insurance.;

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Cited by:
  1. Tarishi Matsuoka, 2011. "Temporary Bubbles and Discount Window Policy," KIER Working Papers 802, Kyoto University, Institute of Economic Research.
  2. Michel, Philippe & Wigniolle, Bertrand, 2003. "Temporary bubbles," Journal of Economic Theory, Elsevier, vol. 112(1), pages 173-183, September.
  3. Philippe Michel & Bertrand Wigniolle, 2005. "Cash-in-advance constraints, bubbles and monetary policy," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00268861, HAL.
  4. repec:hal:journl:halshs-00268861 is not listed on IDEAS

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