Optimality of Stationary Asset Equilibria Under Real Stochastic Monetary Shocks

In this paper we characterize the set of Pareto optimal asset equilibria in a stochastic OLG-framework when real monetary shocks impinge on the economy. We show that it is the strength rather than the mere presence of monetary disturbances that accounts for, if the market mechanism fails to achieve allocating effiency.

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Year of publication:	1990-01
Authors:	Eckwert, Bernhard
Institutions:	University of Bonn, Germany
Subject:	Inflation tax \| monetary shocks \| strong (weak) inefficiency \| overlapping generations

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Series:	Discussion Paper Serie A.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series Sonderforschungsbereich 303, University of Bonn, Germany
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005028294