Money‐Hoarding as a Behaviour Towards Uninsured Idiosyncratic Risk

Akiomi Kitagawa ()

The Japanese Economic Review, 2001, vol. 52, issue 1, 93-103

Abstract: This paper explores the implications of the presence of uninsured idiosyncratic risks for the hoarding of intrinsically useless fiat money in an overlapping‐generations model. It is shown that: (a) monetary equilibria exist in almost all cases; (b) the valuation of money is not necessarily Pareto‐improving since the non‐monetary steady state may Pareto‐dominate the monetary one; and (c) the accelerating inflation may, moreover, reduce the long‐run capital stock. JEL Classification Number: E41.

Date: 2001
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