Monetary equilibria and Knightian uncertainty

Eisei Ohtaki, Hiroyuki Ozaki

研究成果: Article査読

3 被引用数 (Scopus)

抄録

This article considers a pure-endowment stationary stochastic overlapping generations economy, in which agents have maxmin expected utility preferences. Two main results are obtained. First, we show that multiple stationary monetary equilibria exist. Consequently, real and price indeterminacies arise under the assumption that aggregate shock exists. Second, we show that each of these stationary monetary equilibria is conditionally Pareto optimal, i.e., no other stationary allocations strictly Pareto dominate the equilibrium allocations.

本文言語English
ページ(範囲)435-459
ページ数25
ジャーナルEconomic Theory
59
3
DOI
出版ステータスPublished - 2015 8 12

ASJC Scopus subject areas

  • Economics and Econometrics

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