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A Frictionless Economy With Subotimizing Agents

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Author Info
José Manuel Gutiérrez ()
Abstract

The existence of short-term monetary equilibrium in a frictionless economy with suboptimal agents is proved for any (reasonable) given interest rate. Separability ideas (as defined in Decision Theory) are applied. Two financial markets are in operation: for bank contracts (deposits and credits) and for shares.

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File URL: http://homepage.univie.ac.at/Papers.Econ/RePEc/vie/viennp/vie0811.pdf
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Paper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 0811.

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Date of creation: Aug 2008
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Handle: RePEc:vie:viennp:0811

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Web page: http://www.univie.ac.at/vwl

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Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets

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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. Charles Goodhart, 2000. "Can Central Banking Survive the IT Revolution?," FMG Special Papers sp125, Financial Markets Group. [Downloadable!] (restricted)
  2. Michael Woodford, 1998. "Doing Without Money: Controlling Inflation in a Post-Monetary World," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 173-219, January. [Downloadable!] (restricted)
    Other versions:
  3. Friedman, Benjamin M, 2000. "Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking," International Finance, Blackwell Publishing, vol. 3(2), pages 261-72, July. [Downloadable!] (restricted)
  4. Benjamin M. Friedman, 2000. "Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking," NBER Working Papers 7955, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Aloisio Araujo & Mário Rui Páscoa & Juan Pablo Torres-Martínez, 2002. "Collateral Avoids Ponzi Schemes in Incomplete Markets," Econometrica, Econometric Society, vol. 70(4), pages 1613-1638, July. [Downloadable!] (restricted)
    Other versions:
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This page was last updated on 2009-12-2.

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