In this paper, we study the intertemporal equilibria of an infinite-lived representative agent model with public debt. We show that for a given path of government expenditures, there generally exist a continuum of equilibria depending on various debt policies.

This paper is a study of money in overlapping generations models with cash-in-advance constraints a la Champ and Freeman and Hahn and Solow. We first offer a brief review of different features of the cash-in-advance constraint. Then we propose a general formulation. We show that neutrality of...

This paper is a study of money in overlapping generations models with cash-in-advance constraints. We first offer a brief review of different features of cash-in-advance constraint. Then we propose a general formulation and study the neutrality of money. We show that both neutrality and...

Dans ce document, on itudie le seigneuriage dans un modhle ` ginirations imbriquies avec contrainte de liquiditi. La monnaie criie par le gouvernement sert ` financer un bien public. On considhre d'abord le cas oy c'est le seul instrument de financement, le bien public correspondant ` un...