Money-hoarding as a behavior towards uninsured idiosyncratic risks

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Abstract

This paper explores the implications of the presence of uninsured idiosyncratic risks for the hoarding of intrinsically useless fiat money in an overlapping-generations model. It is shown that: (a) monetary equilibria exist in almost all cases; (b) the valuation of money is not necessarily Pareto-improving since the non-monetary steady state may Pareto-dominate the monetary one; and (c) the accelerating inflation may, moreover, reduce the long-run capital stock.

Original languageEnglish
Pages (from-to)93-103
Number of pages11
JournalJapanese Economic Review
Volume52
Issue number1
DOIs
Publication statusPublished - 2001 Jan 1
Externally publishedYes

ASJC Scopus subject areas

  • Economics and Econometrics

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