Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/26874 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
Preprints of the Max Planck Institute for Research on Collective Goods No. 2005,18
Verlag: 
Max Planck Institute for Research on Collective Goods, Bonn
Zusammenfassung: 
The general equilibrium model with incomplete financial markets (GEI) is extended by adding fiat money, fiscal and monetary policy and a cash-in-advance constraint. The central bank either pegs the interest rate or money supply while the fiscal authority sets a Ricardian or a non-Ricardian fiscal plan. We prove the existence of equilibria in all four scenarios. In Ricardian economies, the conditions required for existence are not more restrictive than in standard GEI. In non- Ricardian economies, the sufficient conditions for existence are more demanding. In the Ricardian economy, neither the price level nor the equivalent martingale measure are determinate.
Schlagwörter: 
Money
Incomplete Markets
Fiscal Policy
Indeterminacy
JEL: 
D52
E40
E50
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
514.24 kB





Publikationen in EconStor sind urheberrechtlich geschützt.