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Money and Interest in a Cash-in-Advance Economy

by: Robert E. Lucas, Nancy L. Stokey
Econometrica, Vol. 55, No. 3. (1987), pp. 491-513.

X Abstract

In this paper we analyze an aggregate general equilibrium model in which the use of money is motivated by a cash-in-advance constraint, applied to purchases of a subset of consumption goods. The system is subject to both real and monetary shocks, which are economy-wide and observed by all. We develop methods for verifying the existence of, characterizing, and explicitly calculating equilibria.

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This article has been bookmarked 2 times, initially on 2007-05-16.

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