The Money Rate of Interest and the Influence of Assets in a Multistage Economy with Gold or Paper Money: Part II
We consider the relationship between the length of life of individuals and the assets they own and their influence on trustless trade. In particular in some structures a role for government or an outside bank may be called for to support an equilibrium. An example of an OLG model with production illustrates the need for expanding the ﬁat money supply if population growth is greater than zero.
Shubik, Martin and Yao, Shuntian, "The Money Rate of Interest and the Influence of Assets in a Multistage Economy with Gold or Paper Money: Part II" (1993). Cowles Foundation Discussion Papers. 1293.