Approximately monetary equilibrium in overlapping generations economy

Masahiro Okuno*, Itzhak Zilcha

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


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
Issue number2
StatePublished - 1982


Dive into the research topics of 'Approximately monetary equilibrium in overlapping generations economy'. Together they form a unique fingerprint.

Cite this