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Monetary policy and dynamic efficiency in economies of overlapping generations

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  • Gaetano Bloise
  • Herakles Polemarchakis

Abstract

In an economy of overlapping generations, money, distinct from debt, provides liquidity and is dominated as a store of value. Nominal rates of interest that are low, but do not vanish, eliminate equilibrium allocations far from Pareto optimal allocations.

Suggested Citation

  • Gaetano Bloise & Herakles Polemarchakis, 2006. "Monetary policy and dynamic efficiency in economies of overlapping generations," International Journal of Economic Theory, The International Society for Economic Theory, vol. 2(3‐4), pages 319-330, September.
    • Handle: RePEc:bla:ijethy:v:2:y:2006:i:3-4:p:319-330
    DOI: 10.1111/j.1742-7363.2006.0037.x
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    Cited by:

    1. Gaetano Bloise & Herakles Polemarchakis, 2017. "An Argument for Positive Nominal Interest," Studies in Economic Theory, in: Kazuo Nishimura & Alain Venditti & Nicholas C. Yannelis (ed.), Sunspots and Non-Linear Dynamics, chapter 0, pages 363-385, Springer.
    2. Richard Dusansky & Çağatay Koç, 2009. "Demand for cash balances in a cashless economy," International Journal of Economic Theory, The International Society for Economic Theory, vol. 5(3), pages 301-313, September.

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