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Generic Determinacy and Money Non-Neutrality of International Monetary Equilibria

Abstract:

I address the issue of the ‘number’ of international monetary equilibria that the international finance model of Geanakoplos and Tsomocos (2002) possesses. The mainstream competitive model has locally unique equilibria with respect to the real side of the economy; however, it manifests nominal indeterminacy. Kareken and Wallace [Kareken, J., Wallace, N., 1981. On the Indeterminacy of Equilibrium Exchange Rates. Q. J. Econ. 96, 207–222] extend the O.L.G. indeterminacy result to a monetary mode...

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Publication date:
2008-07-05
URN:
uuid:df86983c-25cf-4bc8-bd5f-c69207f3fbac
Local pid:
oai:eureka.sbs.ox.ac.uk:1854

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