We build a finite horizon model with inside and outside money, in which interest rates, price levels and commodity allocations are determinate, even though asset markets are incomplete and asset deliveries are purely nominal. Copyright Springer-Verlag Berlin/Heidelberg 2006Central bank, Inside money, Outside money, Incomplete assets, Monetary equilibrium, Determinacy.,
In an open economy, outside money in positive supply does not eliminate the real indeterminacy which...
The general equilibrium model with incomplete markets is here extended to infinite horizon economies...
In an incomplete asset market, firms assign values to investment plans by projecting their payoffs on ...
In this paper I consider the issue of indeterminacy of equilibrium in a general equilibrium model wi...
Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities ...
An account is given of the principal concepts and results of general equilibrium with incomplete fin...
In incomplete financial markets with finitely many states, default precludes the occurrence of Walra...
I address the issue of the 'number' of International Monetary Equilibria that the international fina...
Summary. The paper considers the determinacy ofthe equilibrium price level in the cash-in-advance mo...
regular economies, determinacy, comparative statistics, local uniqueness, infinite horizon economies...
International audienceWe build an infinite-horizon dynamic deterministic general equilibrium model w...
Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities ...
Abstract _ The general equilibrium model with incomplete markets is here extended to infinite horizo...
By adding endogenous investment to a flexible-price, money-in-the-utility-function model, this paper...
The uniqueness of bounded local equilibria under interest rate rules is analyzed in a model with sti...
In an open economy, outside money in positive supply does not eliminate the real indeterminacy which...
The general equilibrium model with incomplete markets is here extended to infinite horizon economies...
In an incomplete asset market, firms assign values to investment plans by projecting their payoffs on ...
In this paper I consider the issue of indeterminacy of equilibrium in a general equilibrium model wi...
Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities ...
An account is given of the principal concepts and results of general equilibrium with incomplete fin...
In incomplete financial markets with finitely many states, default precludes the occurrence of Walra...
I address the issue of the 'number' of International Monetary Equilibria that the international fina...
Summary. The paper considers the determinacy ofthe equilibrium price level in the cash-in-advance mo...
regular economies, determinacy, comparative statistics, local uniqueness, infinite horizon economies...
International audienceWe build an infinite-horizon dynamic deterministic general equilibrium model w...
Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities ...
Abstract _ The general equilibrium model with incomplete markets is here extended to infinite horizo...
By adding endogenous investment to a flexible-price, money-in-the-utility-function model, this paper...
The uniqueness of bounded local equilibria under interest rate rules is analyzed in a model with sti...
In an open economy, outside money in positive supply does not eliminate the real indeterminacy which...
The general equilibrium model with incomplete markets is here extended to infinite horizon economies...
In an incomplete asset market, firms assign values to investment plans by projecting their payoffs on ...