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has been cited by the following article:

• TITLE: Ambiguity, Money Transfers, and Endogenous Fluctuations

  AUTHORS: Eisei Ohtaki

  KEYWORDS: Lump-Sum Money Transfer, Indeterminacy, Endogenous Business Cycle, Ambiguity, Overlapping Generations Model

  JOURNAL NAME: Theoretical Economics Letters, Vol.11 No.2, April 2, 2021

  ABSTRACT: This article reexamines the implications of stochastic lump-sum money transfers in a monetary overlapping generations model, wherein agents are endowed with maxmin expected utility preferences. It is shown that: 1) there exists a continuum of stationary monetary equilibria, wherein a unique optimal one might exist, and 2) there exist innumerable nonstationary monetary equilibria, wherein the real money balance can move freely within a certain range.