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. Copyright 1989 by The Review of Economic Studies Limited.
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- Cass, David & Okuno, Masahiro & Zilcha, Itzhak., .
"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 & Younes, Yves, 1972. "On the Role of Money and the Existence of a Monetary Equilibrium," Review of Economic Studies, Wiley Blackwell, vol. 39(3), pages 355-72, July.
- 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 & Laroque, Guy, 1973.
"Money in the pure consumption loan model,"
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Elsevier, vol. 6(4), pages 382-395, August.
- Bewley, Truman, 1983.
"A Difficulty with the Optimum Quantity of Money,"
Econometric Society, vol. 51(5), pages 1485-504, September.
- Grandmont, Jean-Michel & Younes, Yves, 1973.
"On the Efficiency of a Monetary Equilibrium,"
Review of Economic Studies,
Wiley Blackwell, vol. 40(2), pages 149-65, April.
- 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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