Stationary Monetary Equilibria in Overlapping Generations Models with Incomplete Markets
Stationary Monetary Equilibria in Overlapping Generations Models with Incomplete Markets
复制标题
不完全市场的代际重叠模型中的平稳货币均衡
DOI：
10.1006/jeth.1996.0109
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发表时间：
1996
影响因子：
1.6
通讯作者：
P. Gottardi
中科院分区：
文献类型：
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作者：
P. Gottardi
本文的目的是研究具有一般不完整资产结构的随机重叠世代模型中的平稳货币均衡。证明了当有外部货币存在时，货币价格非零的平稳均衡一般存在，且是局部孤立的；对于一组开放的经济体，均衡货币价格都将为正。均衡在基础国家价格的属性方面得到了清晰的描述。只有内部资金才会出现连续的均衡；如果至少一种货币的净供应量为零，则多种货币的情况也是如此。
The objective of this paper is to study the stationary monetary equilibria in a stochastic overlapping generations model with a general incomplete asset structure. It is proved that a stationary equilibrium with a non zero price of money generically exists and is locally isolated when there is outside money; for an open set of economies the equilibrium money prices will all be positive. The equilibrium is given a neat characterization in terms of properties of the underlying state prices. With only inside money there will be a continuum of equilibria instead; the same is true with multiple currencies if at least one currency is in zero net supply.