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Money and Monetary Policy in General Equilibrium

Author

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  • DREZE, Jacques H.

    (CORE, Université catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium)

  • POLEMARCHAKIS, Heracles M.

    (CORE, Université catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium)

Abstract

The introduction of banks which issue and supply balances and payout their profits as dividends is the natural modification of the competitive equilibrium model developed by Arrow and Debreu which encompasses monetary economies. Equilibria in which money serves as a medium of exchange, and possibly only as such, exist. But they are. typically. suboptimal and indeterminate. There is an optimal monetary policy.

Suggested Citation

  • DREZE, Jacques H. & POLEMARCHAKIS, Heracles M., 1994. "Money and Monetary Policy in General Equilibrium," LIDAM Discussion Papers CORE 1994080, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:1994080
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    File URL: https://sites.uclouvain.be/core/publications/coredp/coredp1994.html
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    Cited by:

    1. Gaël Giraud & Dimitrios Tsomocos, 2010. "Nominal uniqueness and money non-neutrality in the limit-price exchange process," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 45(1), pages 303-348, October.
    2. Dimitrios P Tsomocos & Gael Giraud & CNRS & Universite Paris-1, 2004. "Global Uniqueness and Money Non-neutrality in a Walrasian Dynamics without Rational Expectations," Economics Series Working Papers 2004-FE-15, University of Oxford, Department of Economics.

    More about this item

    Keywords

    money. banks. equilibrium;

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • 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

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