The robustness of optimal equilibrium among overlapping generations

被引：2

作者：

Burke, JL ^{[1
]}

机构：

[1] IUPUI, Dept Econ, Indianapolis, IN 46202 USA

来源：

ECONOMIC THEORY | 1999年 / 14卷 / 02期

关键词：

robustness; optimal; overlapping generations;

D O I：

10.1007/s001990050296

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We combine and strengthen optimality and robustness theorems for the overlapping-generations model of money. Roughly, we find a Pareto-optimal monetary equilibrium of a generic stationary economy that is near an optimal monetary equilibrium of each nearby non-stationary economy. Since the nearby equilibria are monetary, the general problem of macroeconomic stabilization reduces to maintaining the money supply. And since the nearby equilibria are optimal, stabilization is socially desirable.

引用

页码：311 / 329

页数：19

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