Creator

• Bryant, John B.

Series

• Staff report (Federal Reserve Bank of Minneapolis. Research Department)

Issue number

• 043

Date created

• 1979-06

Abstract

• The formation and maintenance of the institutions of money and a futures market are analyzed in an overlapping generations model with a first period. With money and a futures market the economy converges to the allocation where costly transactions are foregone and marginal products and marginal utilities equated. However, neither institution may be formed, or money may be formed without a futures market. Moreover, stochastic output technologies raise the possibility of persistent recession and depression and of valuable government insurance of the futures market.

Related information

• An earlier version of this Staff Report is available as Working Paper 132.

Date modified

• 10/28/2020

Corporate Author

• Federal Reserve Bank of Minneapolis. Research Department

Publisher

• Federal Reserve Bank of Minneapolis

Resource type

• Research Paper

DOI

•  https://doi.org/10.21034/sr.43

License

• Creative Commons BY-NC Attribution-NonCommercial 4.0 International

In Collection:

• Staff Reports

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