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Indeterminacy of Buying and Selling Price Spread in Monetary Equilibrium without Transactions Costs

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  • Yamazaki, Akira

Abstract

In this paper we report an existence result in a general monetary equilibrium model with buying and selling price spread but without transactions costs. Under the assumption that an initial endowment allocation is not Pareto optimal it is proved that an equilibrium with a positive value of money exists if traders take buying and selling prices of commodities as given even if transactions costs are not explicitly required in the buying and selling activities of traders in commodity markets. This result points to an indeterminacy problem arising from existing general equilibrium models with transaction technologies.

Suggested Citation

  • Yamazaki, Akira, 2004. "Indeterminacy of Buying and Selling Price Spread in Monetary Equilibrium without Transactions Costs," Discussion Papers 2003-15, Graduate School of Economics, Hitotsubashi University.
  • Handle: RePEc:hit:econdp:2003-15
    Note: February 25, 2004
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