Samuelson’s Model of Money with n-Period Lifetimes
نویسنده
چکیده
AUL SAMUELSON’S OVERLAPPING generations model is a classic in modern economic literature. It has enjoyed a renaissance in the last decade or so as a framework for analyzing fundamental issues in many areas of economics, including pure theory, public finance and, of special concern for this paper, monetary theory.’ Samuelson’s (1958) model continues to attract interest in the latter field because it has the potential to offer a convincing explanation of why unbacked paper currency has value without resort to special assumptions.’ This paper will focus on the value of paper currency in a generalized version of Samuelson’s otiginal approach.
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