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Intertemporal Complementarity and Money in an Economy out of Equilibrium


  • Amendola, M
  • Gaffard, J L


The role of money clearly stands up in a truly irreversible process of economic change, like the building up of an altogether new productive capacity. Money has an essential role in this process, although not in the usual sense of modifying the real equilibria of the economy. As a matter of fact the problem to be faced in the context considered--where focus is on the process of change in itself rather than on its outcome--is the viability of the process of change. This paper shows that it is indeed the availability of financial resources at the right moment during the process that determines its viability, and that this stresses the fact that, out of equilibrium, real choices cannot be separated from financial decisions.

Suggested Citation

  • Amendola, M & Gaffard, J L, 1992. "Intertemporal Complementarity and Money in an Economy out of Equilibrium," Journal of Evolutionary Economics, Springer, vol. 2(2), pages 131-145, August.
  • Handle: RePEc:spr:joevec:v:2:y:1992:i:2:p:131-45

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    Cited by:

    1. Sander van der Hoog, 2004. "Credit and Cash-in-Advance in Disequilibrium Models," Computing in Economics and Finance 2004 294, Society for Computational Economics.
    2. Mario Amendola & Sergio Bruno & Jean-Luc Gaffard, 2010. "Hicks and Richardson on Industrial Change: Analysis and Policy," Chapters,in: Innovation, Economic Growth and the Firm, chapter 2 Edward Elgar Publishing.
    3. repec:spo:wpecon:info:hdl:2441/7321 is not listed on IDEAS

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