Monetary equilibria over an infinite horizon (Q1780155): Difference between revisions
From MaRDI portal
Created a new Item |
Set OpenAlex properties. |
||
(2 intermediate revisions by 2 users not shown) | |||
Property / MaRDI profile type | |||
Property / MaRDI profile type: MaRDI publication profile / rank | |||
Normal rank | |||
Property / full work available at URL | |||
Property / full work available at URL: https://doi.org/10.1007/s00199-004-0472-x / rank | |||
Normal rank | |||
Property / OpenAlex ID | |||
Property / OpenAlex ID: W3121934934 / rank | |||
Normal rank | |||
links / mardi / name | links / mardi / name | ||
Latest revision as of 03:03, 20 March 2024
scientific article
Language | Label | Description | Also known as |
---|---|---|---|
English | Monetary equilibria over an infinite horizon |
scientific article |
Statements
Monetary equilibria over an infinite horizon (English)
0 references
7 June 2005
0 references
In the paper, the modified canonical Walrasian model is studied. Modification is done by introducing money balances facilitating transactions. In the model the economy extends over an infinite horizon under uncertainty. There is a number of recent works proposing different approaches in similar situations. In the present paper, the equilibrium consisting of prices, state prices, a collection of plans for individuals and a public plan is studied. Assumptions concerning preferences and endowments are formulated. Some restrictions relate to nominal rates of interest, transfers and initial public liability. It is supposed that the individual demands securities and balances satisfy an appropriate budget constraint. Under these assumptions it is proved that an equilibrium is finite. The criterion of attainability of a consumption plan at an equilibrium is derived. It is shown that, for a fixed path of rates of interest, there exist a non-trivial multiplicity of equilibrium paths of prices of commodities, i.e., indeterminacy appears in the model.
0 references
indeterminacy
0 references
fiscal policy
0 references