Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/80225 
Erscheinungsjahr: 
2002
Schriftenreihe/Nr.: 
Working Paper No. 2002-12
Verlag: 
Brown University, Department of Economics, Providence, RI
Zusammenfassung: 
Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends over an infinite horizon under uncertainty and a complete asset market. Monetary policy sets the path of rates of interest and accommodates the demand for balances. Competitive equilibria exist. But, for a fixed path of rates of interest, there is a non-trivial multiplicity of equilibrium paths of prices of commodities. Determinacy requires that, subject to no-arbitrage and in addition to rates of interest, the prices of state-contingent revenues be set. – Money ; equilibrium ; indeterminacy ; monetary policy ; fiscal policy.
JEL: 
D50
E40
E50
Dokumentart: 
Working Paper

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