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A note on the existence of monetary equilibrium in a stochastic OLG model with a finite state space

Author

Listed:
  • Eisei Ohtaki

    (Graduate School of Economics, Keio University)

Abstract

The present paper provides a simple and complete proof of the existence of a stationary monetary equilibrium for a stochastic overlapping generations model with a finite state space. Differently from previous studies, we show that all the prices are positive without the Frobenius theorem.

Suggested Citation

  • Eisei Ohtaki, 2011. "A note on the existence of monetary equilibrium in a stochastic OLG model with a finite state space," Economics Bulletin, AccessEcon, vol. 31(1), pages 485-492.
    • Handle: RePEc:ebl:ecbull:eb-11-00001
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    File URL: http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I1-P47.pdf
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    Citations

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    Cited by:

    1. Al-Hassan, Hassana & Devolder, Pierre, 2022. "Stochastic Modellization of Hybrid Public Pension Plans (PAYG) under Demographic Risks with Application to the Belgian Case," LIDAM Discussion Papers ISBA 2022042, Université catholique de Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA).
    2. Eisei Ohtaki & Hiroyuki Ozaki, 2015. "Monetary equilibria and Knightian uncertainty," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 59(3), pages 435-459, August.
    3. Al-Hassan, Hassana & Devolder, Pierre & Nayrko, Christiana & Nokoh, K. Sagary, 2023. "A Simple Two Period Overlapping Generation (OLG) Model For Public Pension Scheme (PAYG)," LIDAM Discussion Papers ISBA 2023033, Université catholique de Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA).
    4. Ohtaki, Eisei, 2014. "Tractable graphical device for analyzing stationary stochastic OLG economies," Journal of Macroeconomics, Elsevier, vol. 40(C), pages 16-26.
    5. Ohtaki, Eisei, 2013. "Golden rule optimality in stochastic OLG economies," Mathematical Social Sciences, Elsevier, vol. 65(1), pages 60-66.

    More about this item

    Keywords

    Stochastic overlapping generations model; Stationary monetary equilibrium; Existence; Fixed-point theorem; Frobenius theorem.;
    All these keywords.

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium

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