Páscoa, Mário R.; Petrassi, Myrian; Torres-Martínez, … - Volkswirtschaftliche Fakultät, … - 2009
We establish necessary and sufficient conditions for the individual optimality of a consumption-portfolio plan in an infinite horizon economy where agents are uniformly impatient and fiat money is the only asset available for inter-temporal transfers of wealth. Next, we show that fiat money has...