摘要
本文研究具有不确定性和不完全金融市场的货币经济的一般均衡模型.经济延续两期.资产既合名义资产又含实际资产.我们证明了当货币起着交换媒介和价值计量单位的作用时,每个以初始禀赋、资产收益和货币供给为参数的货币经济,都存在着货币均衡,且货币均衡是局部唯一的.从而消除了给出的金融均衡不唯一性特征.
This paper studies a stochastic general equilibrium model of monetary e-conomies with, incomplete financial markets and a fairty general' asset structure, which includes both nominal assets and real assets as particular cases. Economies last two periods. We show that generically in endowments, asset returns and money supply on economy has a finite number of locally unique monetary equilibria when money is used purely as a medium of exchange. Thus the result eliminates the indeterminacy of model without money studied by Pietra[4].
出处
《系统工程》
CSCD
1995年第2期36-45,共10页
Systems Engineering
基金
浙江省自然科学基金资助项目
关键词
货币经济
一般均衡模型
金融市场
Monetary general equilibrium model, Incomplete financial markets, Noarbitrage monetary equilibrium
