A Note on the Core of a Monetary Economy

Eric Fisher

GE, Growth, Math methods from University Library of Munich, Germany

Abstract: This note shows that there are monetary equilibria in the model of overlapping generations that are in the core. These equilibria have positive stocks of outside money in every generation, and they support Pareto-optimal equilibrium allocations. These equilibria are thus self-enforcing, and introducing money into an economy with infinitely many agents need not be tantamount to contriving a new social institution designed to enforce sequential contracts between generations. Journal of Economic Literature Classification Numbers: E40, E60, C71.

JEL-codes: C6 D5 D9 (search for similar items in EconPapers)
Pages: 8 pages
Date: 1994-11-01
Note: 8 pages, Word for Windows 6.0 document.
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Citations: View citations in EconPapers (2)

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Related works:
Journal Article: A Note on the Core of a Monetary Economy (1997)
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