Efficiency and the Value of Money
In a monetary model, it is shown that if there is a unique Pareto inefficient barter equilibrium, then a monetary equilibrium exists when traders are sufficiently patient.
(This abstract was borrowed from another version of this item.)
References listed on IDEAS
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- Bewley, Truman, 1983.
"A Difficulty with the Optimum Quantity of Money,"
Econometric Society, vol. 51(5), pages 1485-1504, September.
- Drew Fudenberg & David K. Levine, 1983.
"Subgame-Perfect Equilibria of Finite- and Infinite-Horizon Games,"
Levine's Working Paper Archive
219, David K. Levine.
- Fudenberg, Drew & Levine, David, 1983. "Subgame-perfect equilibria of finite- and infinite-horizon games," Journal of Economic Theory, Elsevier, vol. 31(2), pages 251-268, December.
- GRANDMONT, Jean-Michel & YOUNES, Yves, "undated".
"On the efficiency of a monetary equilibrium,"
CORE Discussion Papers RP
135, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Cass, David & Okuno, Masahiro & Zilcha, Itzhak., "undated".
"The Role of Money in Supporting the Pareto Optimality of Competitive Equilibrium in Consumption-Loan Type Models,"
242, California Institute of Technology, Division of the Humanities and Social Sciences.
- Cass, David & Okuno, Masahiro & Zilcha, Itzhak, 1979. "The role of money in supporting the pareto optimality of competitive equilibrium in consumption-loan type models," Journal of Economic Theory, Elsevier, vol. 20(1), pages 41-80, February.
- GRANDMONT, Jean-Michel & LAROQUE, Guy, "undated".
"Money in the pure consumption loan model,"
CORE Discussion Papers RP
152, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Jean-Michel Grandmont & Yves Younes, 1972. "On the Role of Money and the Existence of a Monetary Equilibrium," Review of Economic Studies, Oxford University Press, vol. 39(3), pages 355-372.
- Woodford, Michael, 1986. "Stationary sunspot equilibria in a finance constrained economy," Journal of Economic Theory, Elsevier, vol. 40(1), pages 128-137, October.
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