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Active Intermediation in an Monetary Overlapping Generations Economy

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Author Info
Pingle, M.
Tesfatsion, Leigh

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Abstract

This paper establishes that the proÞt-seeking activities of private intermediaries can ensure Pareto e¦ciency in the standard pure-exchange monetary overlapping generations economy without the need for government monetary or Þscal policy intervention. Moreover, these proÞt-seeking activities are shown to rule out all aperiodic and kperiodic cycles for k greater than 2. Contrary to much recent work on intermediation, the proÞt opportunities that arise for intermediaries in this context are not due to assumed frictions or asymmetric information. Rather, they are due to the dynamic open-ended structure of the economy, which permits debt roll-over. (C) 1998 Elsevier Science B.V. All rights reserved.

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 1227.

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Date of creation: 30 Sep 1998
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Publication status: Published in Journal of Economic Dynamics and Control, 1998, Vol. 22, pp. 1533-1574.
Handle: RePEc:isu:genres:1227

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
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Keywords: Financial intermediation; Overlapping generations; Pareto efficiency;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467. [Downloadable!] (restricted)
  2. Balasko, Yves & Shell, Karl, 1980. "The overlapping-generations model, I: The case of pure exchange without money," Journal of Economic Theory, Elsevier, vol. 23(3), pages 281-306, December. [Downloadable!] (restricted)
  3. Gale, David, 1973. "Pure exchange equilibrium of dynamic economic models," Journal of Economic Theory, Elsevier, vol. 6(1), pages 12-36, February. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Pingle, M. & Tesfatsion, Leigh, 1998. "Active Intermediation in Overlapping Generations Economies with Production and Unsecured Debt," Staff General Research Papers 1228, Iowa State University, Department of Economics. [Downloadable!]
    Other versions:
  2. Tesfatsion, Leigh S., 2005. "Agent-Based Computational Modeling And Macroeconomics," Staff General Research Papers 12402, Iowa State University, Department of Economics. [Downloadable!]
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