An overlapping generations model with a storage technology

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Abstract

This paper studies a stationary, pure exchange overlapping generations model with a storage technology. It is shown that there exists an equilibrium with valued fiat money in which storage technologies bear a higher rate of return than fiat money, and agents invest strictly positive amounts in storage technologies.

Original languageEnglish
Pages (from-to)237-244
Number of pages8
JournalJournal of Economic Theory
Volume57
Issue number1
DOIs
Publication statusPublished - 1992 Jun

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ASJC Scopus subject areas

  • Economics and Econometrics

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