By Bruno Schönfelder
The record of these to whom i'm indebted is a protracted one. Prof. Neil Wallace (University of Minnesota) prompted my curiosity within the type of versions with which the booklet bargains. i'm thankful for lots of conversations with him. I discovered much from him and should continuously be proud that i've been one in every of his pupil. i'm hoping that he's now not dissappointed with the end result. i'm deeply indebted to Prof. Dr. Hans-Werner Sinn (University of Munich). His observations and demanding feedback have been instrumental for a number of adjustments and enhancements which i used to be capable of introduce whereas revising the manuscript repeatedly, and rethinking the fundamental arguments. I additionally are looking to thank Prof. Dr. Utta Gruber (University of Munich) for her valuable reviews and for her aid. i'm a great deal obliged to Prof. Dr. Dr. h. c. Hans Moller (University of Munich). for a few years i've got had the distinction of a virtually non-stop discussion with him. i'm additionally thankful to Prof. Dr. Werner Gumpel (University). The stimulating surroundings and the learn possibilities that have been supplied via his seminar contributed much to my paintings. eventually i would like to thank my spouse Sigrid for searching through the English draft of this e-book and correcting various linguistic flaws. the rest blunders are after all mine. CONTENTS web page v Preface 1. creation 1. 1.
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Extra info for Overlapping Structures as a Model of Money: An Analytical Review
Labor supply is described by the following equation: Lt = (1 +ntlLI = (1 +n)t-I Again there is only one consumer good which is referred to as bread. Nondurable capital is stored bread, i. e. bread turns into capital if it is stored. It becomes uneatable. Generation Go agents enter the system equipped with three different "objects". Every one of them owns the same quantity of nondurable capital. k denotes the (nondurable) capital stock per capita. Nondurable capital and labor are the factors which are needed to produce new bread.
The stock of fiat money is assumed to be constant. We denote the per capita bubble on fiat money by bt=:ptmt where mt=M/(l +ntl. ) It follows immediately that Pt> 0 can only be true, if on an average 1+rt+l :::;; 1 +n. e. it does not have a finite limit. Hence it exceeds the limits which the budget restriction imposes. After some finite t households are unable to afford the bubble. Some more machinery is needed for the analysis of the perfect foresight equilibriunI. The production function is C2 , exhibits constant returns to scale and satisfies the Inada conditions.
40 One might wonder why such a good, if it exists is not used as money, and whether it would under laissez faire. 51 There are three goods in the model, good i, i+l and i+2.