RIEBセミナー（六甲台セオリーセミナー共催） RIEB Seminar（Jointly supported by Rokkodai Theory Seminar）
| 日時 (Date&Time) |
2010年10月5日（火）午後3時15分から （Tuesday, October 5, 2010, 3:15pm～） |
|---|---|
| 報告者 (Speaker) |
神谷 和也（Kazuya KAMIYA） |
| 所属 (Affiliation) |
東京大学大学院経済学研究科 （Graduate School of Economics, the University of Tokyo） |
| 論題 (Topic) |
Real Indeterminacy of Monetary Equilibria |
| 概要 (Abstract) |
We discuss two types of indeterminacy of monetary equilibria. First, it is shown that real indeterminacy of stationary equilibria generically arises in most matching models with divisible fiat money. In other words, the real indeterminacy follows from the condition for stationarity of money holdings, and surprisingly it has nothing to do with the other specifications, e.g., the bargaining procedures, of the models. Thus if we assume the divisibility of money in money search models, it becomes quite difficult to make accurate predictions of the effects of some policies. Second, it is shown that in a class of dynamic general equilibrium model with fiat money, the homogeneity of demand function is violated and stationary equilibria become indeterminate; that is, there exists a continuum of stationary equilibria, where the value of money varies across stationary equilibria. |
| 会場 (Place) |
神戸大学経済経営研究所 調査室（兼松記念館1階） Seminar Room at RIEB (Kanematsu Memorial Hall 1st Floor) |
| 対象 (Intended Audience) |
教員，院生，学部生，および同等の知識をお持ちの方 Faculty, Graduate Students, Undergraduates, and People with Equivalent Knowledge |
| 使用言語 (Language) |
日本語 Japanese |
| 備考 (Note) |
論文のコピーは共同研究推進室にご用意いたします。 Copies of the paper will be available at Office of Promoting Research Collaboration. |