Existence and optimality of currency equilibrium in stochastic overlapping generations models: The pure endowment case

DOI10.1016/0022-0531(90)90019-GzbMath0735.90016OpenAlexW2000419068MaRDI QIDQ1813904

Rodolfo E. Manuelli

Publication date: 25 June 1992

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/0022-0531(90)90019-g

zbMATH Keywords

existence of a monetary equilibriumresource allocation among generations

Mathematics Subject Classification ID

Utility theory (91B16) Economic growth models (91B62) Stochastic systems in control theory (general) (93E03) General equilibrium theory (91B50) Consumer behavior, demand theory (91B42) Resource and cost allocation (including fair division, apportionment, etc.) (91B32)

Related Items (14)

On characterizing equilibria of economies with externalities and taxes as solutions to optimization problems ⋮ Efficiency and optimality in stochastic models with production ⋮ Intrinsic bubbles and asset price volatility ⋮ Optimality in an OLG model with nonsmooth preferences ⋮ Stochastic OLG models, market structure, and optimality ⋮ Dominant root characterization of Pareto optimality and the existence of optimal equilibria in stochastic overlapping generations models ⋮ Characterizing efficiency in stochastic overlapping generations models ⋮ Sunspot-like effects of random endowments ⋮ On the interaction between risk sharing and capital accumulation in a stochastic OLG model with production ⋮ Stability of functional rational expectations equilibria ⋮ The unit root property and optimality with a continuum of states -- pure exchange ⋮ Existence and optimality of currency equilibrium in stochastic overlapping generations models: The pure endowment case ⋮ Bubbly Markov equilibria ⋮ Monetary equilibria and Knightian uncertainty

Cites Work

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• Stationary Pareto optimality of stochastic asset equilibria with overlapping generations
• A note on the existence of monetary equilibria in overlapping generations models with storage
• Rational expectations in the overlapping generations model
• The overlapping-generations model. I: The case of pure exchange without money
• Informational diversity over time and optimality of monetary equilibria
• Optimality, the interaction of spot and futures markets, and the nonneutrality of money in the Lucas model
• Existence and optimality of currency equilibrium in stochastic overlapping generations models: The pure endowment case
• Comparative Dynamics and Risk Premia in an Overlapping Generations Model
• Time to Build and Aggregate Fluctuations

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