; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Optimality and Monetary Equilibria in Stationary Overlapping Generations Models With Long Lived Agents: Growth Versus Discounting"; ; "batchuser@example.com"; "Aiyagari, S. Rao"; "Federal Reserve Bank of Minneapolis"; "This paper studies the relationship between the existence and optimality of a monetary steady-state and the nonoptimality of nonmonetary steady-states. We construct a sequence of stationary overlapping generations economies with longer and longer lived generations in which all agents maximize a discounted sum of utilities with a common discount rate. Under some assumptions the following result is established: If the discount rate is greater (less) than the population growth rate, then eventually every nonmonetary steady-state is optimal (non-optimal) and a monetary steady-state does not exist (exists and is optimal). "^^; "1986-11"; "2019-08-05T21:36:02.278752779+00:00"^^; "https://doi.org/10.21034/wp.312"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Wed Oct 23 18:09:05 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "7"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "312"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Journal of Economic Theory_ (Vol. 43, No. 2, December 1987, pp. 292-313), https://doi.org/10.1016/0022-0531(87)90061-5."^^; ; "Publication" . ; .