ABSTRACT
This chapter examines the structure of the set of temporary monetary equilibria. It is well known that not every equilibrium of an economy varies locally in a continuous and unique manner with the parameters which define the economy. For example, looking into the Edgeworth box for two agents and two commodities, it is easy to construct an economy with a continuum of equilibria. The chapter claims an analogous conclusion for the (infinite dimensional) space of money economies in the temporary equilibrium framework. For local uniqueness, there is no need to assume concavity on the direct utility function nor any restrictive assumption such as gross substitutability among commodities. The stability or continuity property follows from an application of the implicit function theorem. Every money economy can be approximated by a regular money economy and every regular money economy is still regular under small perturbation of the economic characteristics of the model.
