## Models of monetary economies: proceedings and contributions from participants of a December 1978 conference sponsored by the Federal Reserve Bank of MinneapolisJohn H. Kareken, Neil Wallace, Federal Reserve Bank of Minneapolis |

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### Contents

fhe Role of Money in Supporting the Pareto Optimality | 13 |

Overlapping Generations Model of Fiat Money | 49 |

Discussion | 83 |

Copyright | |

9 other sections not shown

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agent born agent type argument asset assume assumptions capital Clower commodity money competitive equilibrium consumer debt defined demand denote distribution equilib example exchange exists feasible allocation fiat money Figure firms follows given Hence household implies income indifference curve individuals infinite inside banks interest rate intrinsic uselessness Lemma Lucas macroeconomic marginal utilities maximize models of money monetary economy monetary equilibrium monetary policy money balances money supply nonmonetary nonnegative nonoptimal offer curve optimal allocation overlapping generations model paper Pareto efficiency Pareto optimal particular period positive price level price of money problem proof Proposition Proposttton quantity of money rate of interest rate of return rational expectations real balances real rate rium Samuelson's satisfy Shubik solution solve stationary equilibrium stationary monetary store of value Suppose taxes Theorem theory tion trade transaction turnpike model utilities of money utility function valued fiat money Wallace Walrasian Walrasian equilibrium zero