|
| |
| Eisei Ohtaki |
| |
| ''A note on the existence of monetary equilibrium in a stochastic OLG model with a finite state space'' |
| ( 2011, Vol. 31 No.1 ) |
| |
| |
| The present paper provides a simple and complete proof of the existence of a stationary monetary equilibrium for a stochastic overlapping generations model with a finite state space. Differently from previous studies, we show that all the prices are positive without the Frobenius theorem. |
| |
| |
| Keywords: Stochastic overlapping generations model, Stationary monetary equilibrium, Existence, Fixed-point theorem, Frobenius theorem. |
JEL: E4 - Money and Interest Rates: General
D5 - General Equilibrium and Disequilibrium: General |
| |
| Manuscript Received : Jan 01 2011 | | Manuscript Accepted : Feb 01 2011 |
|
