resources at equilibrium; with a money-supply policy, the indeterminacy is real. Portfolio policy sets the portfolio of assets … that the monetary authority employs in open market operations; it determines the equilibrium if the policy is non … revenue at each dateevent determines equilibrium allocations and prices. long-lived nominally riskless assets can substitute …

is a non-trivial multiplicity of equilibrium paths of prices of commodities. Determinacy requires that, subject to no …-arbitrage and in addition to rates of interest, the prices of state-contingent revenues be set. – Money ; equilibrium …

is a non-trivial multiplicity of equilibrium paths of prices of commodities. Determinacy requires that, subject to no …

We study money creation and destruction in today's monetary architecture within a general equilibrium setting. Two …

point to define the money market and the general equilibrium mechanism of the economy. On this basis, this research seeks a … linking mechanism of the money market with economic activity in the general equilibrium framework. The relationships between … money supply and national outcome, inflation, and price level are studied in three cases: full-employment equilibrium …

We present a general equilibrium model of the new neoclassical synthesis that has the same level of generality as the … formulate the notion of a sticky price equilibrium where all agents form rational expectations on prices for commodities and … whatsoever on nominal equilibrium price levels and that the set of sticky price equilibria has a dimension equal to the number of …