This note provides a direct proof of the fact that in a particular version of the overlapping generations model with long-lived agents and fiat money, there can be at most two stationary states. A simple argument showing the Pareto superiority of the low inflation steady state is also given.
STEADY STATES IN THE OLG MODEL WITH SEIGNORAGE AND LONG-LIVED AGENTS / D. COLUCCI. - In: RESEARCH IN ECONOMICS. - ISSN 1090-9443. - STAMPA. - 57(2003), pp. 371-381. [10.1016/j.rie.2003.08.003]
STEADY STATES IN THE OLG MODEL WITH SEIGNORAGE AND LONG-LIVED AGENTS.
COLUCCI, DOMENICO
2003
Abstract
This note provides a direct proof of the fact that in a particular version of the overlapping generations model with long-lived agents and fiat money, there can be at most two stationary states. A simple argument showing the Pareto superiority of the low inflation steady state is also given.
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