This paper studies the equilibrium dynamics of an overlapping generations model with capital, money and cash-in-advance constraints. At each date the economy can experience two different regimes. In the first one the cash-inadvance constraint is binding and money is a dominated asset. In the...

The purpose of this paper is to improve our understanding of government solvency in OLG models with a given sequence of government expenditures. In our view, public debt is allowed if its level does not preclude the existence of a competitive equilibrium. We first consider the case where the...

[fre] Cash-in-advance constraints in the overlapping generations model : neutrality of monetary policies and macro-dynamics. . This article is concerned with the role of money in an O.L.G. model. Money is introduced through a cash-in-advance constraint. We show that money is super-neutral if the...

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

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 exists a continuum of equilibria depending on various debt policies. These equilibria are characterized...