کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
967003 1479284 2006 30 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Monetary equilibria in a cash-in-advance economy with incomplete financial markets
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات ریاضیات کاربردی
پیش نمایش صفحه اول مقاله
Monetary equilibria in a cash-in-advance economy with incomplete financial markets
چکیده انگلیسی
The general equilibrium model with incomplete financial markets (GEI) is extended by adding fiat money, fiscal and monetary policy and a cash-in-advance constraint. The central bank either pegs the interest rate or money supply while the fiscal authority sets a Ricardian or a non-Ricardian fiscal plan. We prove the existence of equilibria in all four scenarios. In Ricardian economies, the conditions required for existence are not more restrictive than in standard GEI. In non-Ricardian economies, the sufficient conditions for existence are more demanding. In the Ricardian economy, neither the price level nor the equivalent martingale measure is determinate.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Mathematical Economics - Volume 42, Issues 4–5, August 2006, Pages 422-451
نویسندگان
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