Efficient Monetary Equilibrium: An Overlapping Generations Model with Nonstationary Monetary Policies
研究在世代交叠模型中，公共债务政策如何与正定价货币及跨期有效配置的竞争均衡相容，证明债务规模增长“不过快”是有效货币均衡存在的充要条件。
This paper is concerned with the characterization of public debt policies that are consistent with competitive equilibria in which (i) money is positively priced, and (ii) intertemporal allocation is efficient. The framework used is an overlapping generations model with many goods, agents with two-period lifetimes, and nonstationary tax-transfer policies. We show, under some regularity conditions on such policies that the size of the public debt not growing "too fast" is both necessary and sufficient for the existence of an efficient monetary equilibrium. Journal of Economic Literature Classification Numbers: 021, 311, 321.