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Money and Monetary Policy in General Equilibrium

Jacques Dreze and Heracles M. Polemarchakis
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Heracles M. Polemarchakis: CORE, Université catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium

No 1994080, CORE Discussion Papers from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: The introduction of banks which issue and supply balances and payout their profits as dividends is the natural modification of the competitive equilibrium model developed by Arrow and Debreu which encompasses monetary economies. Equilibria in which money serves as a medium of exchange, and possibly only as such, exist. But they are. typically. suboptimal and indeterminate. There is an optimal monetary policy.

Keywords: money.; banks.; equilibrium (search for similar items in EconPapers)
JEL-codes: D50 E40 E50 (search for similar items in EconPapers)
Date: 1994-12-01
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Working Paper: Money and monetary policy in general equilibrium (1999)
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