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On the Real Determinacy and Indeterminacy of Stationary Equilibria in Monetary Models

Kazuya Kamiya

No DP2019-03, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

Abstract: It is known that stationary equilibria are indeterminate in some monetary models, especially in money search models with divisible money. However, most of the indeterminacy results are limited to the case that money holdings distributions have fi nite supports. In the case of infi nite supports, both determinacy and indeterminacy results are known. In this paper, using the Borsuk-Ulam theorem in Banach Space, I investigate what determines the differences.

Keywords: Real Determinacy; Real Indeterminacy; Monetary Search Model; All-Pay Auction; Divisible Money; Infi nite Dimensional Space; Borsuk-Ulam Theorem (search for similar items in EconPapers)
JEL-codes: C78 D51 D83 E40 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2019-03
New Economics Papers: this item is included in nep-dge, nep-mac and nep-mon
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