Intertemporal Monetary Models with Infinite Horizon

Giuseppe Chirichiello
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Giuseppe Chirichiello: University of Rome

Chapter 4 in Intertemporal Macroeconomic Models, Money and Rational Choices, 2000, pp 112-139 from Palgrave Macmillan

Abstract: Abstract The descriptive monetary growth model of Tobin (1955, 1965), like Solow’s model for real economies, is a point of departure for intertemporal monetary models. It is based on the assumption that a money economy has a real sector exactly like that in Solow’s model, so that the monetary nature of the model depends on how money is introduced into the model. The characteristics of a monetary economy are: 1. prices are expressed in money; 2. transactions require money; 3. financial wealth can be held in the form of money or financial instruments competing with money.

Keywords: Rational Expectation; Infinite Horizon; Monetary Economy; Steady State Equilibrium; Financial Wealth (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-97742-2_4

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DOI: 10.1057/9780333977422_4

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