SFB 303 Discussion Paper No. A - 272

Author: Eckwert, Bernhard
Title: Optimality of Stationary Asset Equilibria Under Real Stochastic Monetary Shocks
Abstract: In this paper we characterize the set of Pareto optimal asset equilibria in a stochastic OLG-framework when real monetary shocks impinge on the economy. We show that it is the strength rather than the mere presence of monetary disturbances that accounts for, if the market mechanism fails to achieve allocating effiency.
Keywords: Inflation tax, monetary shocks, strong (weak) inefficiency, overlapping generations
JEL-Classification-Number: 026
Creation-Date: January 1990
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