Money, gains to trade and impatience

In this note, following Dubey and Geanakoplos [Dubey, P., Geanakoplos, J.D., 2003. Inside-outside money, gains to trade and IS-LM., Economic Theory 21, 347-397], I precisely identify sufficient and necessary conditions for the existence of a stationary equilibrium in a cash-in-advance economy under a constant supply of balances. In particular, I separate the role of impatience from the role of gains to trade in sustaining such an equilibrium. My results are then compared with those of Grandmont and Younès [Grandmont, J.-M., Younès, Y., 1972. On the role of money and the existence of a monetary equilibrium. Review of Economy Studies 39, 355-372; Grandmont, J.-M., Younès, Y., 1973. On the efficiency of a monetary equilibrium. Review of Economic Studies 40, 149-165].