On the Uniqueness and Stability Conditions for Two Types of Monetary Models with Recursive Utility

• MIYAZAKI Kenji

• UTSUNOMIYA Hitoshi

抄録

type:Article

This paper explores the conditions for local dynamics and the uniqueness of a steady state in the money-in-utility-function, and transaction-costs models with recursive utility. When a money demand depends only on nominal interest rates and a monetary Brock-Gale (BG) condition holds around a steady state, the steady state is locally stable. Even in the case of the general money demand function, the local stability is sometimes possible. Furthermore, when a money demand function exists and the BG condition holds globally, the steady state is unique.

収録刊行物

• Journal of International Economic Studies

  Journal of International Economic Studies 27 23-45, 2013-03

  Institute of Comparative Economic Studies, Hosei University

キーワード

• Recursive utility
• Money-in-utility-function model
• Transaction-costs model
• Decreasing marginal impatience

詳細情報

• CRID: 1390853649757682944
• NII論文ID: 120005255286
• NII書誌ID: AA10459262
• ISSN: 09111247
• DOI: 10.15002/00008720
• Web Site: http://hdl.handle.net/10114/7929
• 本文言語コード: en
• データソース種別:
  • JaLC
  • IRDB
  • CiNii Articles