Money in Consumption Economies
Three sequential models of consumption economies are considered, where consumers´only endowment is money. The existence and unicity of temporary equilibria, the neutrality of money and the validity of quantity theory are investigated. In the first two models "money" is persihable; in the second one lending between consumers is possible. In the third model money is an asset and can be created through bank loans.
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Elsevier, vol. 12(1), pages 55-93.
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- Woodford, Michael, 1996. "Loan commitments and optimal monetary policy," Journal of Monetary Economics, Elsevier, vol. 37(3), pages 573-605, June.
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