The objective of this paper is to study the stationary monetary equilibria in a stochastic overlapping generations model with a general incomplete asset structure. It is proved that a stationary equilibrium with a non zero price of money generically exists and is locally isolated when there is outside money; for an open set of economies the equilibrium money prices will all be positive. The equilibrium is given a neat characterization in terms of properties of the underlying state prices. With only inside money there will be a continuum of equilibria instead; the same is true with multiple currencies if at least one currency is in zero net supply.
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Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number
416.
Length: 30 pages Date of creation: Jun 1993 Date of revision: Handle: RePEc:bon:bonsfa:416
Contact details of provider: Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany Fax: +49 228 73 9221 Web page: http://www.bgse.uni-bonn.de/index.php?id=517
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