caa a22 4500 605475849 CHVBK 20210128100353.0 cr unu---uuuuu 210128e20150801xx s 000 0 eng 10.1007/s00199-015-0887-6 doi (NATIONALLICENCE)springer-10.1007/s00199-015-0887-6 Monetary equilibria and Knightian uncertainty [Elektronische Daten] [Eisei Ohtaki, Hiroyuki Ozaki] 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. Springer-Verlag Berlin Heidelberg, 2015 Money nationallicence Maxmin expected utility nationallicence Conditional Pareto optimality nationallicence Indeterminacy nationallicence Stochastic overlapping generations model nationallicence Ohtaki Eisei Faculty of Economics, Kanagawa University, 3-27-1 Rokkakubashi, Kanagawa-ku, 221-8686, Yokohama-shi, Kanagawa, Japan aut Ozaki Hiroyuki Faculty of Economics, Keio University, 2-15-45 Mita, 108-8345, Minato-ku, Tokyo, Japan aut Economic Theory Springer Berlin Heidelberg 59/3(2015-08-01), 435-459 0938-2259 59:3<435 2015 59 199 https://doi.org/10.1007/s00199-015-0887-6 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s00199-015-0887-6 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Ohtaki Eisei Faculty of Economics, Kanagawa University, 3-27-1 Rokkakubashi, Kanagawa-ku, 221-8686, Yokohama-shi, Kanagawa, Japan aut NATIONALLICENCE 700 1- Ozaki Hiroyuki Faculty of Economics, Keio University, 2-15-45 Mita, 108-8345, Minato-ku, Tokyo, Japan aut NATIONALLICENCE 773 0- Economic Theory Springer Berlin Heidelberg 59/3(2015-08-01), 435-459 0938-2259 59:3<435 2015 59 199