兼松セミナー Kanematsu Seminar

日時 2015年4月27日(月)午後3時30分から午後5時00分まで
会場 神戸大学経済経営研究所 会議室(新館2階)
使用言語 日本語

3:30pm~5:00pm

報告者 神谷 和也
所属 東京大学大学院経済学研究科
論題 Real Indeterminacy of Stationary Monetary Equilibria in Centralized Economies
要旨 In this paper, we show that dynamic general equilibrium models with fiat money are possible to derive real indeterminacy of stationary equilibria, i.e., the set of stationary equilibria is a continuum, where the real allocation varies across equilibria. The conditions are: (i) each household optimally saves a constant amount of money, and (ii) at least two households face different budget constraints. We present various models, including decentralized money search model and centralized model with a monopoly firm, to explain how these conditions lead to the real indeterminacy. Finally, we present a new policy that uniquely implements any desirable outcome.