A Dynamic Economy with Shares, Fiat, Bank and Accounting Money.

摘要

This paper is aimed at exposition and modeling several of the extremely detailed but necessary aspects of a closed competitive economy without a terminal time point, i.e. an economy which is closed with regard to trade and competitors at any point of time but is an infinite-horizon economy or is open ended with respect to time. Particular attention is paid to invariant competitive equilibria, or in other words: competitive equilibria which can repeat themselves over time. A number of simple models are studied which have just enough ingredients to expose the meaning of a couple of crucial assumptions.