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Money‐Hoarding as a Behaviour Towards Uninsured Idiosyncratic Risk

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  • Akiomi Kitagawa

Abstract

This paper explores the implications of the presence of uninsured idiosyncratic risks for the hoarding of intrinsically useless fiat money in an overlapping‐generations model. It is shown that: (a) monetary equilibria exist in almost all cases; (b) the valuation of money is not necessarily Pareto‐improving since the non‐monetary steady state may Pareto‐dominate the monetary one; and (c) the accelerating inflation may, moreover, reduce the long‐run capital stock. JEL Classification Number: E41.

Suggested Citation

  • Akiomi Kitagawa, 2001. "Money‐Hoarding as a Behaviour Towards Uninsured Idiosyncratic Risk," The Japanese Economic Review, Japanese Economic Association, vol. 52(1), pages 93-103, March.
    • Handle: RePEc:bla:jecrev:v:52:y:2001:i:1:p:93-103
    DOI: 10.1111/1468-5876.00183
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    Cited by:

    1. Takuma Kunieda & Tarishi Matsuoka & Akihisa Shibata, 2017. "Asset Bubbles, Technology Choice, and Financial Crises," Discussion Paper Series 157, School of Economics, Kwansei Gakuin University, revised Feb 2017.
    2. Aoki, Kosuke & Nakajima, Tomoyuki & Nikolov, Kalin, 2014. "Safe asset shortages and asset price bubbles," Journal of Mathematical Economics, Elsevier, vol. 53(C), pages 164-174.

    More about this item

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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