Non-connectedness of the set of equilibrium money prices: The static economy |
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| Institution: | 1. Ecosystem Science & Management, Texas A&M University, College Station, TX 77843-2120, USA;2. Environmental Science, Collin College, Frisco, TX 75035, USA;3. Agronomy & Horticulture, University of Nebraska, Lincoln, NE 66583-0915, USA;4. Natural Resource Ecology & Management, Oklahoma State University, Stillwater, OK 74078, USA |
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| Abstract: | A static economy in which nominal taxes and transfers are balanced, under certain conditions, has a set of equilibrium money prices containing a proper interval. Two examples are given in which the entire set must consist of a proper interval. Then, an example is presented in which the set of equilibrium money prices is not connected. While the set contains a proper interval for balanced fiscal policies, the entire set is not in general a single interval. |
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