"Efficient estimation and particle filter for max-stable processes"

In this paper, we present a new logic of indeterminacy of stationary monetary equilibria. We rst show that, in a class of dynamic Walrasian market models with at money, stationary equilibria are indeterminate; that is, there exists a continuum of stationary equilibria, where the value of money varies across the stationary equilibria. Then we explore the logic of the indeterminacy, and show that it can be applied not only to dynamic Walrasian market models but also to Jean et al. (2010)'s search model, where agents are also allowed for periodic access to Walrasian markets.