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Persistent link: https://www.econbiz.de/10001416708
We combine and strengthen optimality and robustness theorems for the overlapping-generations model of money. Roughly, we find a Pareto-optimal monetary equilibrium of a generic stationary economy that is near an optimal monetary equilibrium of each nearby non-stationary economy. Since the nearby...
Persistent link: https://www.econbiz.de/10014184272