Can Rational Individuals Keep Money under Their Mattresses Forever?

Michael Spagat

Economic Theory, 1993, vol. 3, issue 2, 373-77

Abstract: Conditions are given for an infinite horizon consumption-savings model under which savings are bounded away from O with probability 1 even in the long-run. That is, with probability 1 there exists a time T and a minimum level of savings S [underlined] such for t [greater than] T savings will always be greater than S [underlined].

Date: 1993
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