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Indeterminacy in a monetary economy with heterogeneous agents

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  • Hori, Katsuhiko

Abstract

In this study, we discuss a connection between heterogeneity of agents and indeterminacy of equilibria in a standard money-in-the-utility function model. Contrary to ealier studies, which mainly concern indeterminacy in connection with monetary policy or preferences of a single agent, we emphasize the role of heterogeneity of agents in indeterminacy.

Suggested Citation

  • Hori, Katsuhiko, 2007. "Indeterminacy in a monetary economy with heterogeneous agents," MPRA Paper 49316, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:49316
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    References listed on IDEAS

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    More about this item

    Keywords

    Heterogeneity; Indeterminacy; Money-in-the-utility function;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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