On Stationary Monetary Equilibria in Overlapping Generations Models with Incomplete Markets
AbstractThe 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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Bibliographic InfoPaper 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:
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Other versions of this item:
- Gottardi, P., 1990. "On Stationary Monetary Equilibria In Overlapping Generations Models With Incomplete Markets," Papers 155, Cambridge - Risk, Information & Quantity Signals.
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- Gottardi, Piero, 1995. "Does sunspot monetary policy matter?," Economics Letters, Elsevier, vol. 47(3-4), pages 297-303, March.
- Olivier J. Blanchard & Philippe Weil, 2001.
"Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games under Uncertainty,"
Sciences Po publications
info:hdl:2441/8607, Sciences Po.
- Blanchard Olivier & Weil Philippe, 2001. "Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games under Uncertainty," The B.E. Journal of Macroeconomics, De Gruyter, vol. 1(2), pages 1-23, November.
- Olivier Jean Blanchard & Philippe Weil, 1992. "Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games Under Uncertainty," NBER Working Papers 3992, National Bureau of Economic Research, Inc.
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