Real Indeterminacy of Stationary Monetary Equilibria in Centralized Economies
Real Indeterminacy of Stationary Monetary Equilibria in Centralized Economies
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中央集权经济中固定货币均衡的实际不确定性
DOI：
10.1111/jere.12145
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发表时间：
2017
影响因子：
1.2
通讯作者：
and S. Kubota
中科院分区：
文献类型：
--
作者：
K;Kamiya. K. Nakajima;and S. Kubota
我们证明了在一些有法定货币的一般均衡模型中，可能出现静态均衡的真实的不确定性，通过这种不确定性，静态均衡的集合是一个连续统，并且均衡之间的真实的分配是变化的。这种均衡出现的条件是：（1）每个家庭最优地储蓄恒定数量的钱;（2）至少两个家庭面临不同的预算约束。我们提出了各种模型，包括一个分散的货币搜索模型和一个集中的模型与垄断企业，解释这些条件如何导致真实的不确定性。最后，我们提出了一个政策，唯一实现任何理想的结果。
We show that real indeterminacy of stationary equilibria, by which the set of stationary equilibria is a continuum and the real allocation varies among equilibria, may arise in some general equilibrium models with fiat money. The conditions under which such equilibria arise are: (i) each household optimally saves a constant amount of money; and (ii) at least two households face different budget constraints. We present various models, including a decentralized money search model and a centralized model with a monopoly firm, to explain how these conditions lead to real indeterminacy. Finally, we present a policy that uniquely implements any desirable outcome.