期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2000
卷号：2000
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：This paper studies the equilibrium dynamics of an overlapping generations
model with capital, money and cash-in-advance constraints.At each date the
economy can experience two different regimes.In the first one the cash-in-
advance constraint is binding and money is a dominated asset.In the second
one, the constraint is strictly satisfied and money has the same return as
capital.When the second regime holds on some finite interval, we say that
the economy experiences a temporary bubble.We prove that temporary
bubbles can exist in an economy which would experience under accumulation
without money.We also show, in an example, that cyclical bubbles and
sunspot equilibria may occur.Finally, we prove that money creation has the
power to eliminate bubbles.JEL numbers : D9, E4 and G1.Key words :
overlapping generations model, bubbles, cash-in-advance constraint
