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Determinacy with nominal assets and outside money

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  • Pradeep Dubey

    ()

  • John Geanakoplos

    ()

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    Abstract

    We build a finite horizon model with inside and outside money, in which interest rates, price levels and commodity allocations are determinate, even though asset markets are incomplete and asset deliveries are purely nominal. Copyright Springer-Verlag Berlin/Heidelberg 2006

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    File URL: http://hdl.handle.net/10.1007/s00199-004-0591-4
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    Bibliographic Info

    Article provided by Springer in its journal Economic Theory.

    Volume (Year): 27 (2006)
    Issue (Month): 1 (01)
    Pages: 79-106

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    Handle: RePEc:spr:joecth:v:27:y:2006:i:1:p:79-106

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    Related research

    Keywords: Central bank; Inside money; Outside money; Incomplete assets; Monetary equilibrium; Determinacy.;

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    Cited by:
    1. Charles A.E. Goodhart & Anil K Kashyap & Dimitrios P. Tsomocos & Alexandros P. Vardoulakis, 2012. "Financial Regulation in General Equilibrium," NBER Working Papers 17909, National Bureau of Economic Research, Inc.
    2. Jinhui H. Bai & Ingolf Schwarz, 2006. "Monetary Equilibria in a Cash-in-Advance Economy with Incomplete Financial Markets," Working Papers gueconwpa~06-06-05, Georgetown University, Department of Economics.
    3. Bernard Cornet & Ramu Gopalan, 2009. "Arbitrage and equilibrium with portofolio constraints," Documents de travail du Centre d'Economie de la Sorbonne 09077, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    4. Alexandre Cunha, 2013. "On the relevance of floating exchange rate policies," Economic Theory, Springer, vol. 53(2), pages 357-382, June.
    5. Raphaël Espinoza & Charles. Goodhart & Dimitrios Tsomocos, 2009. "State prices, liquidity, and default," Economic Theory, Springer, vol. 39(2), pages 177-194, May.
    6. Tsvetomira Tsenova, 2014. "International monetary transmission with bank heterogeneity and default risk," Annals of Finance, Springer, vol. 10(2), pages 217-241, May.
    7. Philip Arestis & Alexander Mihailov, 2011. "Classifying Monetary Economics: Fields And Methods From Past To Future," Journal of Economic Surveys, Wiley Blackwell, vol. 25(4), pages 769-800, 09.
    8. Michael Magill & Martine Quinzii, 2014. "Term structure and forward guidance as instruments of monetary policy," Economic Theory, Springer, vol. 56(1), pages 1-32, May.
    9. Magill, Michael & Quinzii, Martine, 2014. "Anchoring expectations of inflation," Journal of Mathematical Economics, Elsevier, vol. 50(C), pages 86-105.
    10. Gaël Giraud & Dimitrios Tsomocos, 2010. "Nominal uniqueness and money non-neutrality in the limit-price exchange process," Economic Theory, Springer, vol. 45(1), pages 303-348, October.
    11. repec:hal:journl:halshs-00505141 is not listed on IDEAS

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