This paper is a study of money in overlapping generations models with cash-in-advance constraints. We first offer a brief review of different features of the cash-in-advance constraint. Then we propose a general formulation and study the neutrality of money. We show that both neutrality and...

A major issue in reforming previously planned economies is the creation of assets markets. In this paper, it is argued that the mere characteristics of the assets to be privatized matter. Indeed, private ownership of land. It is the purpose of this paper to provide a theory of such rate. We make...

This paper addresses the issue of the determination of return to capital when there is no exogenous ownership in firms. Hahn and Solow have proposed a notion of equilibrium for this setting and we consider this notion from a partial equilibrium point of view (i.e. under the assumption that the...

Private property in land has often been criticized because it is supposed to bring about a waste of productive resources weakening economic growth. Indeed, because it is non reproductible, land earns a rent which increases in a growing economy and whose capitalization decreases the "productive"...