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Type | Working Paper |
Scope | Discipline-based scholarship |
Title | Stochastic Tastes and Money in a Neo-Keynesian Economy |
Organization Unit | |
Authors |
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Language |
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Institution | University of Zurich |
Series Name | Working paper series / Institute for Empirical Research in Economics |
Number | No. 88 |
ISSN | 1424-0459 |
Date | 2001 |
Abstract Text | This paper studies a monetary economy with heterogenous agents in which trade takes place in a centralized market. Each agent is a potential producer and consumer of a service (or perishable good) but has stochastic preferences that determines his taste for the good in each period in time. Money serves as a medium of exchange as well as a store of value. We prove existence of stationary fix-price equilibria with exogenously given quantity of money in which transactions can take place at non-Walrasian prices. Precautionary savings, under- and oversupply, dynamics on moneynholdings, and the effects of changes in the quantity of money are discussed. |
Official URL | http://www.econ.uzh.ch/wp.html |
PDF File | Download from ZORA |
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