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A Note on the Core of a Monetary Economy

  • Eric O'N. Fisher

    (The Ohio State University and Australian National University)

This note shows that there are monetary equilibria in the model of overlapping generations that are in the core. These equilibria have positive stocks of outside money in every generation, and they support Pareto-optimal equilibrium allocations. These equilibria are thus self-enforcing, and introducing money into an economy with infinitely many agents need not be tantamount to contriving a new social institution designed to enforce sequential contracts between generations. Journal of Economic Literature Classification Numbers: E40, E60, C71.

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Paper provided by EconWPA in its series GE, Growth, Math methods with number 9411001.

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Length: 8 pages
Date of creation: 01 Nov 1994
Date of revision:
Handle: RePEc:wpa:wuwpge:9411001
Note: 8 pages, Word for Windows 6.0 document.
Contact details of provider: Web page: http://econwpa.repec.org

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  1. Shell, Karl, 1971. "Notes on the Economics of Infinity," Journal of Political Economy, University of Chicago Press, vol. 79(5), pages 1002-11, Sept.-Oct.
  2. Balasko, Yves & Shell, Karl, 1980. "The overlapping-generations model, I: The case of pure exchange without money," Journal of Economic Theory, Elsevier, vol. 23(3), pages 281-306, December.
  3. Timothy J. Kehoe & David K. Levine, 1990. "The Economics of Indeterminacy in Overlapping Generations Models," Levine's Working Paper Archive 2193, David K. Levine.
  4. Gale, David, 1973. "Pure exchange equilibrium of dynamic economic models," Journal of Economic Theory, Elsevier, vol. 6(1), pages 12-36, February.
  5. Balasko, Yves & Shell, Karl, 1981. "The overlapping-generations model. II. The case of pure exchange with money," Journal of Economic Theory, Elsevier, vol. 24(1), pages 112-142, February.
  6. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational accounts: a meaningful alternative to deficit accounting," Working Paper 9103, Federal Reserve Bank of Cleveland.
  7. Esteban, J., 1986. "A characterization of the core in overlapping-generations economies," Journal of Economic Theory, Elsevier, vol. 39(2), pages 439-456, August.
  8. Chae Suchan & Esteban Joan, 1993. "Core Equivalence in an Overlapping Generations Model," Journal of Economic Theory, Elsevier, vol. 59(2), pages 417-425, April.
  9. Eric O'N. Fisher, 1996. "On exchange rates and efficiency (*)," Economic Theory, Springer, vol. 7(2), pages 267-281.
  10. Balasko, Yves & Cass, David & Shell, Karl, 1980. "Existence of competitive equilibrium in a general overlapping-generations model," Journal of Economic Theory, Elsevier, vol. 23(3), pages 307-322, December.
  11. Balasko, Yves & Shell, Karl, 1981. "The overlapping-generations model. III. The case of log-linear utility functions," Journal of Economic Theory, Elsevier, vol. 24(1), pages 143-152, February.
  12. Esteban, J. & Millan, T., 1990. "Competitive equilibria and the core of overlapping generations economies," Journal of Economic Theory, Elsevier, vol. 50(1), pages 155-174, February.
  13. Gale, Douglas, 1978. "The core of a monetary economy without trust," Journal of Economic Theory, Elsevier, vol. 19(2), pages 456-491, December.
  14. Hendricks, Ken & Judd, Ken & Kovenock, Dan, 1980. "A note on the core of the overlapping generations model," Economics Letters, Elsevier, vol. 6(2), pages 95-97.
  15. Kovenock, Dan, 1984. "A second note on the core of the overlapping generations model," Economics Letters, Elsevier, vol. 14(2-3), pages 101-106.
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