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The Optimal Quantity of Money in Overlapping Generations Models and in Models with a Representative Consumer

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Listed:
  • Summer, M.

Abstract

For modern macroeconomic theory the infinitely lived representative agent model and the overlapping generations model, are the two most important frameworks of analysis. Both models form a unified approach in the sense that they are competitive general equilibrium models. When it comes to monetary policy however both models give a different answer to the question of the optimal quantity of money. This paper takes a first step in comparing these two different results.

Suggested Citation

  • Summer, M., 1996. "The Optimal Quantity of Money in Overlapping Generations Models and in Models with a Representative Consumer," Discussion Papers 96-12, Department of Economics, University of Birmingham.
  • Handle: RePEc:bir:birmec:96-12
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    More about this item

    Keywords

    GENERAL EQUILIBRIUM; MONEY; MONETARY THEORY; MONETARY POLICY;

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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