A note on the existence of monetary equilibrium in a stochastic OLG model with a finite state space

Eisei Ohtaki

Economics Bulletin, 2011, vol. 31, issue 1, 485-492

Abstract: The present paper provides a simple and complete proof of the existence of a stationary monetary equilibrium for a stochastic overlapping generations model with a finite state space. Differently from previous studies, we show that all the prices are positive without the Frobenius theorem.

Keywords: Stochastic overlapping generations model; Stationary monetary equilibrium; Existence; Fixed-point theorem; Frobenius theorem. (search for similar items in EconPapers)
JEL-codes: D5 E4 (search for similar items in EconPapers)
Date: 2011-02-01
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Citations: View citations in EconPapers (6)

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