Existence of Monetary Equilibrium for Overlapping Generations Economies with Satiated Agents

Material type: 文書・図像類

Author: Urai, Kenほか

Publisher: Graduate School of Economics, Osaka University

Publication date: 2022-08

Material Format: Paper

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Note (General)：: This paper treats a general equilibrium existence problem on overlapping generations (OLG) economies with satiated agents and fiat money. The setting ...

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Paper

Material Type: 文書・図像類
Title: Existence of Monetary Equilibrium for Overlapping Generations Economies with Satiated Agents
Author/Editor: Urai, Ken
Murakami, Hiromi
Moriya, Takahiro
Author Heading: Urai, Ken
https://nrid.nii.ac.jp/nrid/1000000203597
Murakami, Hiromi
https://nrid.nii.ac.jp/nrid/1000080803072
Moriya, Takahiro
Publication, Distribution, etc.: Graduate School of Economics, Osaka University
Publication Date: 2022-08
Publication Date (W3CDTF): 2022-08
Periodical title: Discussion Papers In Economics And Business
No. or year of volume/issue: 22-03
Volume: 22-03
Pages: 1-14
Text Language Code: eng
Subject Heading: Dividend Equilibrium
Monetary Equilibrium
Overlapping Generations Economy
Satiation
Basic Income
Target Audience: 一般
Note (General): This paper treats a general equilibrium existence problem on overlapping generations (OLG) economies with satiated agents and fiat money. The setting is important because it allows the analysis to incorporate Pareto optimality problems of the type where the value functions do not necessarily converge. For example, this is the case for optimal allocations such as a basic income under a budget deficit, which can only be realized with policies that require non-negative wealth transfers for all agents. Because of the existence of satiated agents, our argument can be identified with a dividend equilibrium (Aumann and Dreze 1986) or an equilibrium with slack (Mas-Colell 1992). For OLG settings, however, some conditions (like arguments for strictly positive endowments, resource relatedness and minimum wealth conditions with negative prices, and limit arguments for dividends) must be reconsidered. We note that by considering the OLG framework together with satiated agents, not only can the existence of a monetary equilibrium be assumed in advance, but the existence of a monetary equilibrium based on an arbitrary money supply is guaranteed. Taking into account that our setting includes production (without discount factor), the model here provides a basis for a wide range of difficult problems, including the player’s (equilibrium-dependent) survival problem, multi-sectoral capital accumulation, bequests, firm formation, and so on.
References (URI): http://www2.econ.osaka-u.ac.jp/econ_society/dp/2203.pdf
URI
http://www2.econ.osaka-u.ac.jp/econ_society/dp/2203.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華