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Money and Monetary Policy in General Equilibrium

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  • DREZE, Jacques H.

    ()
    (CORE, Université catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium)

  • POLEMARCHAKIS, Heracles M.

    (CORE, Université catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium)

Abstract

The introduction of banks which issue and supply balances and payout their profits as dividends is the natural modification of the competitive equilibrium model developed by Arrow and Debreu which encompasses monetary economies. Equilibria in which money serves as a medium of exchange, and possibly only as such, exist. But they are. typically. suboptimal and indeterminate. There is an optimal monetary policy.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1994080.

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Date of creation: 01 Dec 1994
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Handle: RePEc:cor:louvco:1994080

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Keywords: money. banks. equilibrium;

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