Money and Monetary Policy in General Equilibrium
AbstractThe 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 InfoPaper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1994080.
Date of creation: 01 Dec 1994
Date of revision:
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money. banks. equilibrium;
Find related papers by JEL classification:
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
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