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A Note on the Core of a Monetary Economy

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  • Fisher, Eric ON.

Abstract

This note shows that there are monetary equilibria in the model of overlapping generations that are in the core. These equilibria have positive stocks of outside money in every generation, and they support Pareto-optimal equilibrium allocations. These equilibria are thus self-enforcing, and introducing money into an economy with infinitely many agents need not be tantamount to contriving a new social institution designed to enforce sequential contracts between generations. Journal of Economic Literature Classification Numbers: E40, E60, C71.
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Suggested Citation

  • Fisher, Eric ON., 1997. "A Note on the Core of a Monetary Economy," Journal of Economic Theory, Elsevier, vol. 74(2), pages 425-434, June.
  • Handle: RePEc:eee:jetheo:v:74:y:1997:i:2:p:425-434
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    References listed on IDEAS

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    1. Esteban, J., 1986. "A characterization of the core in overlapping-generations economies," Journal of Economic Theory, Elsevier, vol. 39(2), pages 439-456, August.
    2. Balasko, Yves & Shell, Karl, 1981. "The overlapping-generations model. II. The case of pure exchange with money," Journal of Economic Theory, Elsevier, vol. 24(1), pages 112-142, February.
    3. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational Accounts: A Meaningful Alternative to Deficit Accounting," NBER Chapters,in: Tax Policy and the Economy, Volume 5, pages 55-110 National Bureau of Economic Research, Inc.
    4. Kehoe, Timothy J. & Levine, David K., 1990. "The economics of indeterminacy in overlapping generations models," Journal of Public Economics, Elsevier, vol. 42(2), pages 219-243, July.
    5. Shell, Karl, 1971. "Notes on the Economics of Infinity," Journal of Political Economy, University of Chicago Press, vol. 79(5), pages 1002-1011, Sept.-Oct.
    6. Gale, David, 1973. "Pure exchange equilibrium of dynamic economic models," Journal of Economic Theory, Elsevier, vol. 6(1), pages 12-36, February.
    7. Kovenock, Dan, 1984. "A second note on the core of the overlapping generations model," Economics Letters, Elsevier, vol. 14(2-3), pages 101-106.
    8. Chae Suchan & Esteban Joan, 1993. "Core Equivalence in an Overlapping Generations Model," Journal of Economic Theory, Elsevier, vol. 59(2), pages 417-425, April.
    9. Balasko, Yves & Cass, David & Shell, Karl, 1980. "Existence of competitive equilibrium in a general overlapping-generations model," Journal of Economic Theory, Elsevier, vol. 23(3), pages 307-322, December.
    10. Balasko, Yves & Shell, Karl, 1981. "The overlapping-generations model. III. The case of log-linear utility functions," Journal of Economic Theory, Elsevier, vol. 24(1), pages 143-152, February.
    11. Eric O'N. Fisher, 1996. "On exchange rates and efficiency (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(2), pages 267-281.
    12. Esteban, J. & Millan, T., 1990. "Competitive equilibria and the core of overlapping generations economies," Journal of Economic Theory, Elsevier, vol. 50(1), pages 155-174, February.
    13. Gale, Douglas, 1978. "The core of a monetary economy without trust," Journal of Economic Theory, Elsevier, vol. 19(2), pages 456-491, December.
    14. 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.
    15. Hendricks, Ken & Judd, Ken & Kovenock, Dan, 1980. "A note on the core of the overlapping generations model," Economics Letters, Elsevier, vol. 6(2), pages 95-97.
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    Cited by:

    1. Dan Kovenock, 2002. "Fiat Exchange in Finite Economies," Economic Inquiry, Western Economic Association International, vol. 40(2), pages 147-157, April.

    More about this item

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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