文章基本信息

标题：Monetary equilibria
本地全文：下载
作者：Jacques H. DREZE ; Heracles M. POLEMARCHAKIS
期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2000
卷号：2000
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：The introduction of banks that issue money and supply balances and pay out their proﬁts as dividends is the natural modiﬁcation of the model of general competitive equilibrium that encompasses monetary economies with an operat- ive transactions technology. Monetary policy sets nominal rates of interest and accommodates the de- mand for balances; alternatively, it sets the supply of balances and rates of interest adjust for money markets to clear. Competitive equilibria exist. Under uncertainty, monetary policy fails to determine the distribution of the rate of inﬂation or the allocation of resources at equilibrium. If, in addition to rates of interest, monetary policy sets the prices of contingent loans subject to no-arbitrage constraints, or targets the distribution of the terminal level of prices, it lifts the multiplicity.
关键词：money, equilibrium, monetary policy