HAL: halshs-00112209, version 1

Detailed view

Export this paper BibTeX - EndNote - TEI - RefWorks -

Equilibrium of incomplete markets with money and intermediate banking system

Monique Florenzano 1, Stella Kanellopoulou 1, Yiannis Vailakis 1

(2006-11)

This paper studies a simple stochastic two-period general equilibrium exchange model with money, an incomplete market of nominal assets, and a competitive banking system, intermediate between consumers and a Central Bank. There is a finite number of agents, consumers and banks. Default is not permitted. The public policy instruments are, besides real taxes implicit in the model, public debt and creation of money both implemented at the first period. The equilibrium existence is established under a Gains to trade hypothesis and the assumption that banks have a non zero endowment of money at each date-event of the model.

1:	Centre d'économie de la Sorbonne (CES)
	CNRS : UMR8174 – Université Paris I - Panthéon-Sorbonne

Subject

:

Humanities and Social Sciences/Economies and finances Mathematics/Functional Analysis

Keyword(s): Competitive banking system – incomplete markets – nominal assets – money – monetary equilibrium – cash-in-advance constraints – public debt.

halshs-00112209, version 1

http://halshs.archives-ouvertes.fr/halshs-00112209

oai:halshs.archives-ouvertes.fr:halshs-00112209

From: Lucie Label <>

Submitted on: Tuesday, 7 November 2006 17:38:47

Updated on: Monday, 1 October 2007 18:23:01