Monetary policy and dynamic efficiency in economies of overlapping generations

Gaetano Bloise and Herakles Polemarchakis

International Journal of Economic Theory, 2006, vol. 2, issue 3‐4, 319-330

Abstract: In an economy of overlapping generations, money, distinct from debt, provides liquidity and is dominated as a store of value. Nominal rates of interest that are low, but do not vanish, eliminate equilibrium allocations far from Pareto optimal allocations.

Date: 2006
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