Consumption-loan type models the Samuelson case

Itzhak Zilcha

doi:10.1016/0165-1765(81)90051-3

Consumption-loan type models the Samuelson case

Itzhak Zilcha

School of Economics

Research output: Contribution to journal › Article › peer-review

Abstract

This is a further study of the overlapping generations model with fixed amount of fiat money. We show that when the economy is Samuelsonian then there exists some Pareto optimal stationary competitive equilibrium from some initial money holdings. Moreover, if the steady-state interest factor is less than unity, then a non-monetary Pareto optimal equilibrium exists from any initial money endowments.

Original language	English
Pages (from-to)	201-205
Number of pages	5
Journal	Economics Letters
Volume	7
Issue number	3
DOIs	https://doi.org/10.1016/0165-1765(81)90051-3
State	Published - 1981

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title = "Consumption-loan type models the Samuelson case",

abstract = "This is a further study of the overlapping generations model with fixed amount of fiat money. We show that when the economy is Samuelsonian then there exists some Pareto optimal stationary competitive equilibrium from some initial money holdings. Moreover, if the steady-state interest factor is less than unity, then a non-monetary Pareto optimal equilibrium exists from any initial money endowments.",

author = "Itzhak Zilcha",

note = "Funding Information: supported by the National Science Foundation thank Charles Wilson for some helpful remarks,",

year = "1981",

doi = "10.1016/0165-1765(81)90051-3",

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N2 - This is a further study of the overlapping generations model with fixed amount of fiat money. We show that when the economy is Samuelsonian then there exists some Pareto optimal stationary competitive equilibrium from some initial money holdings. Moreover, if the steady-state interest factor is less than unity, then a non-monetary Pareto optimal equilibrium exists from any initial money endowments.

AB - This is a further study of the overlapping generations model with fixed amount of fiat money. We show that when the economy is Samuelsonian then there exists some Pareto optimal stationary competitive equilibrium from some initial money holdings. Moreover, if the steady-state interest factor is less than unity, then a non-monetary Pareto optimal equilibrium exists from any initial money endowments.

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Consumption-loan type models the Samuelson case

Abstract

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