Monetary general equilibrium with transaction costs

Article Abstract:

A modified version of the Arrow-Debreu general equilibrium model includes transaction costs and multiple budget limitations shows that monetary trade is a result of the equilibrium. Liquidity prices incentives are discussed and fiat money is shown as an intrinsically worthless instrument. Commodity and fiat money flows are endogenously defined as part of the equilibrium actions of companies and households, and with a zero-transaction-cost, this leads to Pareto efficient equilibrium allocation.

Monetary policy

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Equilibrium theory with a measure space of possibly satiated consumers

Article Abstract:

The various existing notions of equilibria proposed to tackle the problem of Walras equilibria ceasing to exist when consumer preferences have been satisfied are discussed. Further, the paper examines an economy with a measure space of consumers and offers a general existence result of equilibria for the existing notions. This result especially extends the result by Hildenbrand on the existence of Walras equilibria.

Consumer preferences

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A remark on the fiscal theory of price determination

Article Abstract:

The weakness of the fiscal theory of price determination is revealed through the description of a simple monetary economy with real productive asset. Speculative bubbles, indeterminacy, etc. are discussed

Analysis, Economics, Economic theory, Diophantine equations

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