exposita notes : Money, banks and endogenous volatility

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exposita notes : Money, banks and endogenous volatility

Author Info

Pere Gomis-Porqueras () (Economics Department, University of Texas at Austin, Austin, TX 78712, USA)

Additional information is available for the following registered author(s):

Pedro Gomis-Porqueras

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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Publisher 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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Find related papers by JEL classification:
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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