Monetary equilibrium with missing markets

被引：17

作者：

Dubey, P ^{[1
]}

Geanakoplos, J

机构：

[1] SUNY Stony Brook, Ctr Game Theory Econ, Stony Brook, NY 11794 USA

[2] Yale Univ, Cowles Fdn, New Haven, CT 06511 USA

来源：

JOURNAL OF MATHEMATICAL ECONOMICS | 2003年 / 39卷 / 5-6期

关键词：

bank; money; monetary equilibrium; incomplete markets; inside money; outside money; liquidity trap;

D O I：

10.1016/S0304-4068(03)00018-1

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We add inside and outside money to the standard GEI model. If there enough gains to trade via money, then monetary equilibrium (ME) exists and money has positive value, even when GEI fails to exist. The nonexistence of GEI shows up as a liquidity trap in terms of the ME. In sharp contrast to GEI, the ME are generically determinate not only in terms of real, but also financial, variables. (C) 2003 Elsevier Science B.V. All rights reserved.

引用

页码：585 / 618

页数：34

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