Abstract
This paper studies a stationary, pure exchange overlapping generations model with a storage technology. It is shown that there exists an equilibrium with valued fiat money in which storage technologies bear a higher rate of return than fiat money, and agents invest strictly positive amounts in storage technologies.
| Original language | English |
|---|---|
| Pages (from-to) | 237-244 |
| Number of pages | 8 |
| Journal | Journal of Economic Theory |
| Volume | 57 |
| Issue number | 1 |
| DOIs | |
| Publication status | Published - 1992 Jun |
| Externally published | Yes |
ASJC Scopus subject areas
- Economics and Econometrics