Optimality of Stationary Asset Equilibria Under A Stochastic Inflation Tax

Bernhard Eckwert

Mathematical Finance, 1992, vol. 2, issue 1, 47-60

Abstract: In this paper we characterize the set of Pareto optimal asset equilibria in an incomplete market OLG framework when inflation‐tax‐financed monetary shocks impinge on the economy. We show that it is the strength rather than the mere presence of monetary disturbances that accounts for, if the market mechanism fails to achieve allocating efficiency.

Date: 1992
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