Fiat money in a pairwise-trading, multi-good, overlapping generations model

研究成果: Article査読

7 被引用数 (Scopus)

抄録

This paper studies a stationary, pure exchange overlapping generations model with a particular kind of randomly generated pairwise-trading pattern. This model, in contrast to the usual overlapping generations models, has the following implications. As regards existence, it is shown that a standard boundary condition on preferences is sufficient to imply the existence of a stationary monetary equilbrium. As regards properties of the equilibrium, for some specifications, my model has a stationary equilibrium in which claims bear a higher rate of return than fiat money. It is also proved that this stationary equilibrium is conditionally Pareto optimal.

本文言語English
ページ(範囲)84-97
ページ数14
ジャーナルJournal of Economic Theory
54
1
DOI
出版ステータスPublished - 1991 6

ASJC Scopus subject areas

  • Economics and Econometrics

フィンガープリント 「Fiat money in a pairwise-trading, multi-good, overlapping generations model」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル