Real Indeterminacy of Stationary Monetary Equilibria in Centralized Economies

Kazuya Kamiya, So Kubota, Kayuna Nakajima

研究成果: Article査読

抄録

We show that real indeterminacy of stationary equilibria, by which the set of stationary equilibria is a continuum and the real allocation varies among equilibria, may arise in some general equilibrium models with fiat money. The conditions under which such equilibria arise are: (i) each household optimally saves a constant amount of money; and (ii) at least two households face different budget constraints. We present various models, including a decentralized money search model and a centralized model with a monopoly firm, to explain how these conditions lead to real indeterminacy. Finally, we present a policy that uniquely implements any desirable outcome.

本文言語English
ページ(範囲)497-520
ページ数24
ジャーナルJapanese Economic Review
68
4
DOI
出版ステータスPublished - 2017 12

ASJC Scopus subject areas

  • Economics and Econometrics

フィンガープリント 「Real Indeterminacy of Stationary Monetary Equilibria in Centralized Economies」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル