A note on the existence of monetary equilibrium in a stochastic OLG model with a finite state space
The present paper provides a simple and complete proof of the existence of a stationary monetary equilibrium for a stochastic overlapping generations model with a finite state space. Differently from previous studies, we show that all the prices are positive without the Frobenius theorem.
Volume (Year): 31 (2011)
Issue (Month): 1 ()
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