Real Indeterminacy of Stationary Monetary Equilibria in Centralized Economies

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2017-03-27 DOI:10.1111/jere.12145

Kazuya Kamiya, So Kubota, Kayuna Nakajima

引用次数: 1

Abstract

We show that real indeterminacy of stationary equilibria, by which the set of stationary equilibria is a continuum and the real allocation varies among equilibria, may arise in some general equilibrium models with fiat money. The conditions under which such equilibria arise are: (i) each household optimally saves a constant amount of money; and (ii) at least two households face different budget constraints. We present various models, including a decentralized money search model and a centralized model with a monopoly firm, to explain how these conditions lead to real indeterminacy. Finally, we present a policy that uniquely implements any desirable outcome.

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中央经济中平稳货币均衡的实际不确定性

我们证明了在一些使用法定货币的一般均衡模型中可能会出现平稳均衡的真实不确定性，即平稳均衡集是一个连续体，均衡间的实际分配是不同的。出现这种均衡的条件是:(i)每个家庭最优地储蓄一定量的钱;(ii)至少两个家庭面临不同的预算约束。我们提出了各种模型，包括分散的货币搜索模型和垄断公司的集中模型，以解释这些条件如何导致真正的不确定性。最后，我们提出了一个唯一实现任何理想结果的策略。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.