On the Short-Run Equilibrium in a Monetary Economy

  • Jean-Michel Grandmont
Part of the International Economic Association Series book series (IEA)


A model of an exchange economy is presented where money is the only asset. It is shown that, under some assumptions, a short-run equilibrium exists if the traders’ price expectations do not depend ‘too much’ on current prices.


Price System Monetary Economy Current Prex Price Expectation Money Balance 
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Copyright information

© International Economic Association 1974

Authors and Affiliations

  • Jean-Michel Grandmont
    • 1
  1. 1.CepremapParisFrance

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