Endogenous Price Fluctuations in an Optimizing Model of a Monetary Economy
证明，在货币经济的优化模型中，存在价格水平永远波动的完美预见均衡；货币供给增长率高时更易出现周期或混沌波动，且均衡价格集可能具有复杂拓扑结构，对比较静态方法的有效性构成挑战。
This paper demonstrates that an optimizing model of a monetary economy can produce perfect foresight equilibria in which the price level fluctuates forever. Cyclically or chaotically fluctuating equilibria are more likely to exist when the rate of money supply growth is high. Furthermore, the set of equilibrium prices may have a complicated topological structure, which poses a more serious problem concerning the validity of comparative statics method than any sort of indeterminacy previously discussed in the literature. Copyright 1991 by The Econometric Society.