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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
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.
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- Copyright © Cambridge University Press 2013
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