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- W2101858234 abstract "In this paper I consider the issue of indeterminacy of equilibrium in a general equilibrium model with incomplete markets and nominal assets. First, I present some classic results on nominal and real indeterminacy in those models. I then proceed to analyse a more recent literature that focused on the role of money in eliminating indeterminacy of the price level. I show that determinacy depends crucially on the presence of outside money in the economy. I also point out some of the limitations of this literature and some possible way out. In the last part I present a paper that deals with indeterminacy in an altogether different way, namely introducing non-competitive intermediaries that design assets and price them." @default.
- W2101858234 created "2016-06-24" @default.
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- W2101858234 date "2003-01-01" @default.
- W2101858234 modified "2023-09-27" @default.
- W2101858234 title "INSIDE VERSUS OUTSIDE MONEY: INDETERMINACY IN GEI MODELS" @default.
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