A Frictionless Economy With Subotimizing Agents
The existence of short-term monetary equilibrium in a frictionless economy with suboptimal agents is proved for any (reasonable) given interest rate. Separability ideas (as defined in Decision Theory) are applied. Two financial markets are in operation: for bank contracts (deposits and credits) and for shares.
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- Aloisio Araujo & Mário Rui Páscoa & Juan Pablo Torres-Martínez, 2002.
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- Woodford, Michael, 1997. "Doing Without Money: Controlling Inflation in a Post-Monetary World," Seminar Papers 632, Stockholm University, Institute for International Economic Studies.
- Friedman, Benjamin M, 2000. "Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking," International Finance, Wiley Blackwell, vol. 3(2), pages 261-72, July.
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