This paper studies the equilibrium dynamics of an overlapping generations model with capital, money and cash-in-advance constraints. At each date the economy can experience two different regimes. In the first one the cash-in-advance constraint is binding and money is a dominated asset. In the...

In this paper, we study the intertemporal equilibria of an infinite-lived representative agent model with public debt. We show that for a given path of government expenditures, there generally exist a continuum of equilibria depending on various debt policies.

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