On the Uniqueness and Stability Conditions for Two Types of Monetary Models with Recursive Utility
作者： Hitoshi Utsunomiya , Kenji Miyazaki
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摘要: This paper explores the conditions for local dynamics and uniqueness of a steady state in money-in-utility-function, transaction-costs models with recursive utility. When money demand depends only on nominal interest rates monetary Brock-Gale (BG) condition holds around state, is locally stable. Even case general function, stability sometimes possible. Furthermore, when function exists BG globally, unique.
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