This note shows that there are monetary equilibria in the model of overlapping generations that are in the core. These equilibria have positive stocks of outside money in every generation, and they support Pareto-optimal equilibrium allocations. These equilibria are thus self-enforcing, and...

We apply Fisher's (1994) concept of the aggregate generational current account to data from the Republic of Korea in the post-war era. A generation's net foreign assets is the present value of its expected net transfers from abroad, and the aggregate generational current account is the annual...