Approximately monetary equilibrium in overlapping generations economy

Masahiro Okuno, Itzhak Zilcha

Research output: Contribution to journalArticlepeer-review

Abstract

This paper treats the consumption-loan model with fiat money. The question of existence of monetary equilibria in these economies is the topic of our study. We introduce a new concept of Approximately Monetary Equilibrium. We show that it is not true that whenever there is no Pareto-efficient non-monetary equilibrium then there is a monetary one. However, in this case, there exists an approximately monetary equilibrium.

Original languageEnglish
Pages (from-to)213-228
Number of pages16
JournalEuropean Economic Review
Volume19
Issue number2
DOIs
StatePublished - 1982

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