Abstract
The so-called Samuelson-model is the starting point of the analysis. It is the simplest version of the OGM. It is discussed in section 2.1. This a deterministic pure exchange model without capital. The simplest Samuelson-model is populated by overlapping generations of agents who live for two periods. These agents receive an endowment either in the first period of their life or in both periods. The endowments consist (only) of an unstorable commodity which we call bread. In addition, some agents will be equipped with inherently useless objects. In this model such objects can play a major role as a store of value. Wallace and others choose to interpret these objects as money.
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© 1992 Springer-Verlag Berlin · Heidelberg
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Schönfelder, B. (1992). The Overlapping Generation Model: An Overview. In: Overlapping Structures as a Model of Money. Microeconomic Studies. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-45713-5_2
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DOI: https://doi.org/10.1007/978-3-642-45713-5_2
Publisher Name: Springer, Berlin, Heidelberg
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