Indeterminacy in a monetary economy with heterogeneous agents

Hori, Katsuhiko (2007): Indeterminacy in a monetary economy with heterogeneous agents. Published in: Advanced Studies in Pure Mathematics , Vol. 53, (June 2009): pp. 67-76.

Abstract

In this study, we discuss a connection between heterogeneity of agents and indeterminacy of equilibria in a standard money-in-the-utility function model. Contrary to ealier studies, which mainly concern indeterminacy in connection with monetary policy or preferences of a single agent, we emphasize the role of heterogeneity of agents in indeterminacy.

• Item Type: MPRA Paper
• Language: English
• Keywords: Heterogeneity, Indeterminacy, Money-in-the-utility function
• Subjects: C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C62 - Existence and Stability Conditions of Equilibrium; E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations ; Cycles

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