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A NOTE ON THE EXISTENCE AND UNIQUENESS OF STATIONARY MONETARY EQUILIBRIUM IN A STOCHASTIC OLG MODEL

Published online by Cambridge University Press:  17 October 2013

Eisei Ohtaki
Eisei Ohtaki*
Affiliation:
Kanagawa University
*
Address correspondence to: Eisei Ohtaki, Faculty of Economics, Kanagawa University, 3-27-1 Rokkakubashi, Kanagawa-ku, Yokohama-shi, Kanagawa 221-8686, Japan; e-mail: ohtaki@kanagawa-u.ac.jp.
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Abstract

This paper directly shows the equivalence between the existence of stationary monetary equilibrium and the conditional Pareto suboptimality of the initial endowment in a stochastic overlapping generations model. Especially, it gives short and constructive proofs for existence and uniqueness.

Keywords

Stationary Monetary EquilibriumConditional Pareto OtimalityStochastic Overlapping Generations Model
Type
Notes
Information
Macroeconomic Dynamics , Volume 19 , Issue 3 , April 2015 , pp. 701 - 707
Copyright
Copyright © Cambridge University Press 2013 

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References

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