Infinitely lived representative agent exchange economy with myopia

Stefano Lovo

No 2000028, LIDAM Discussion Papers CORE from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: We consider a family of infinitely long lived representative agent economy where, each period, agents can only decide consumption plan of finite dimension n. It is shown that myopia generates indeterminacy and monetary equilibrium in infinitely lived representative economy. Any invertible dynamics with at most one monetary steady state that is increasing in the quantity of money can represent the set of equilibria of an appropriate myopic economy.

Date: 2000-04
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Working Paper: Infinitely Lived Representative Agent Exchange Economy with Myopia (2000)
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