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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- Michael Woodford, 1996.
"Loan Commitments and Optimal Monetary Policy,"
NBER Working Papers
5660, National Bureau of Economic Research, Inc.
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532, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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