Munich Personal RePEc Archive

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.

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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.

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