La monnaie et l'intérêt sous contrainte de transaction

In this paper we analyze an aggregative general equilibrium model in which the use of money is motived by a cash-in-advance constraint, applied to purchases of a subset of consumption goods. The system is subject to both real and monetary shocks, which are economy-wide and observed by all. We develop methods for verifying the exitence of, characterizing, and explicity calculating equilibria.