Money and Interest in a Cash-in-Advance Economy

Robert Lucas and Nancy L Stokey

Econometrica, 1987, vol. 55, issue 3, 491-513

Abstract: The authors analyze an aggregative general equilibrium model, in which the use of money is motivated by a cash-in-advance constraint, applied to purchases of a subset of consumption goods. The system is subject to both real and monetary shocks, which are economy-wide and observed by all. They develop methods for verifying the existence of, characterizing, and explicitly calculating equilibria. Copyright 1987 by The Econometric Society.

Date: 1987
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Related works:
Working Paper: Money and Interest in a Cash-in-Advance Economy (1985)
Working Paper: Money and Interest in Cash-In-Advance Economy (1984)
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