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<p>We revisit Fukuda’s (J Monet Econ 32:321–334, 1993) model of equilibrium dynamics in monetary economies, clarifying key analytical steps and generalizing the preference structure. The generalized money-in-the-utility-function (MIUF) model robustly produces periodic and chaotic equilibria, reinforcing the theoretical foundations of endogenous monetary fluctuations and their implications for coordination and stability.</p>

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Revisiting equilibrium cycles in monetary economies with separable utility functions

  • 期刊论文

  • 发表日期：

    2025年11月27日

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  • Marco Maria Sorge

摘要

We revisit Fukuda’s (J Monet Econ 32:321–334, 1993) model of equilibrium dynamics in monetary economies, clarifying key analytical steps and generalizing the preference structure. The generalized money-in-the-utility-function (MIUF) model robustly produces periodic and chaotic equilibria, reinforcing the theoretical foundations of endogenous monetary fluctuations and their implications for coordination and stability.