Monetary equilibria and Knightian uncertainty
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| 003 | CHVBK | ||
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| 007 | cr unu---uuuuu | ||
| 008 | 210128e20150801xx s 000 0 eng | ||
| 024 | 7 | 0 | |a 10.1007/s00199-015-0887-6 |2 doi |
| 035 | |a (NATIONALLICENCE)springer-10.1007/s00199-015-0887-6 | ||
| 245 | 0 | 0 | |a Monetary equilibria and Knightian uncertainty |h [Elektronische Daten] |c [Eisei Ohtaki, Hiroyuki Ozaki] |
| 520 | 3 | |a This article considers a pure-endowment stationary stochastic overlapping generations economy, in which agents have maxmin expected utility preferences. Two main results are obtained. First, we show that multiple stationary monetary equilibria exist. Consequently, real and price indeterminacies arise under the assumption that aggregate shock exists. Second, we show that each of these stationary monetary equilibria is conditionally Pareto optimal, i.e., no other stationary allocations strictly Pareto dominate the equilibrium allocations. | |
| 540 | |a Springer-Verlag Berlin Heidelberg, 2015 | ||
| 690 | 7 | |a Money |2 nationallicence | |
| 690 | 7 | |a Maxmin expected utility |2 nationallicence | |
| 690 | 7 | |a Conditional Pareto optimality |2 nationallicence | |
| 690 | 7 | |a Indeterminacy |2 nationallicence | |
| 690 | 7 | |a Stochastic overlapping generations model |2 nationallicence | |
| 700 | 1 | |a Ohtaki |D Eisei |u Faculty of Economics, Kanagawa University, 3-27-1 Rokkakubashi, Kanagawa-ku, 221-8686, Yokohama-shi, Kanagawa, Japan |4 aut | |
| 700 | 1 | |a Ozaki |D Hiroyuki |u Faculty of Economics, Keio University, 2-15-45 Mita, 108-8345, Minato-ku, Tokyo, Japan |4 aut | |
| 773 | 0 | |t Economic Theory |d Springer Berlin Heidelberg |g 59/3(2015-08-01), 435-459 |x 0938-2259 |q 59:3<435 |1 2015 |2 59 |o 199 | |
| 856 | 4 | 0 | |u https://doi.org/10.1007/s00199-015-0887-6 |q text/html |z Onlinezugriff via DOI |
| 898 | |a BK010053 |b XK010053 |c XK010000 | ||
| 900 | 7 | |a Metadata rights reserved |b Springer special CC-BY-NC licence |2 nationallicence | |
| 908 | |D 1 |a research-article |2 jats | ||
| 949 | |B NATIONALLICENCE |F NATIONALLICENCE |b NL-springer | ||
| 950 | |B NATIONALLICENCE |P 856 |E 40 |u https://doi.org/10.1007/s00199-015-0887-6 |q text/html |z Onlinezugriff via DOI | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Ohtaki |D Eisei |u Faculty of Economics, Kanagawa University, 3-27-1 Rokkakubashi, Kanagawa-ku, 221-8686, Yokohama-shi, Kanagawa, Japan |4 aut | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Ozaki |D Hiroyuki |u Faculty of Economics, Keio University, 2-15-45 Mita, 108-8345, Minato-ku, Tokyo, Japan |4 aut | ||
| 950 | |B NATIONALLICENCE |P 773 |E 0- |t Economic Theory |d Springer Berlin Heidelberg |g 59/3(2015-08-01), 435-459 |x 0938-2259 |q 59:3<435 |1 2015 |2 59 |o 199 | ||