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AA00260492-20160000-0043.pdf
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Title |
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Price rigidity and use of money
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永田, 良
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Kana |
ナガタ, リョウ
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Romanization |
Nagata, Ryo
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Affiliation |
早稲田大学政治経済学術院
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Faculty of Political Science and Economics, Waseda University
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Keio Economic Society, Keio University
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2016
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Keio economic studies
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52
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2016
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43
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63
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Abstract |
We consider an economy in which the price mechanism in competitive market partially malfunctions ; namely some prices do not move in response to discrepancy between supply and demand. We formalize this case as a model where some prices are flexible as usual whereas others are fixed. On the assumption that every agent is a price taker, we show that even in this situation general equilibria do exist, but at the cost of two important properties ; namely, decisive relative prices and determinacy of equilibrium. On one hand, ineffectiveness of relative prices naturally induces use of money. We show, on the other hand, that money is of great use to solve the problem of indeterminacy of equilibrium. Specifically, money proves generically to yield the local determinacy of equilibrium under some condition, which also implies that money substantially affects a real economy.
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Keyword |
relative and absolute prices
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indeterminacy of equilibrium
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local uniqueness of equilibrium
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