We study monetary models with nondegenerate stationary distributions of money holdings. We find that the Friedman rule does not typically maximize ex post social welfare. An increase in the rate of growth of the money supply has two effects: the standard distortionary, or rate‐of‐return, effect makes money a less desirable asset for all moneyholders. A second, redistributive effect, creates a transfer from one type of agent to the other. An increase in the rate of growth of money away from the Friedman rule can produce a rate‐of‐return effect that dominates the standard effect
Recent papers suggest that when intermediation is analyzed seriously, the Friedman rule does not max...
Recent monetary models with explicit microfoundations are made tractable by assuming that agents hav...
It is the purpose of this paper to show that certain results (derived from rational expectations mon...
We study several popular monetary models which generate a non-degenerate stationary distribution of ...
We study several popular monetary models which generate a non-degenerate stationary distribution of ...
In this paper, we explore the connection between optimal monetary policy and heterogeneity among age...
What are the properties of optimal fiscal and monetary policies with heterogeneous agents? This is a...
We consider an overlapping-generations economy with money rationalized through a cash-in-advance con...
In models of money with an infinitely lived representative agent (ILRA models), the optimal monetary...
Abstract In this paper, we explore the connection between optimal monetary policy and het-erogeneity...
Abstract In this paper, we explore the connection between optimal monetary policy and het-erogeneity...
In this paper, we study the optimal steady state monetary policy in overlapping generations (OG) mod...
We study the money-in-the-utility-function model in which agents are heteroge-neous in their initial...
Recent papers suggest that when intermediation is analyzed seriously, the Friedman rule does not max...
A question at the center of many analyses of optimal monetary policy is, why do central banks never ...
Recent papers suggest that when intermediation is analyzed seriously, the Friedman rule does not max...
Recent monetary models with explicit microfoundations are made tractable by assuming that agents hav...
It is the purpose of this paper to show that certain results (derived from rational expectations mon...
We study several popular monetary models which generate a non-degenerate stationary distribution of ...
We study several popular monetary models which generate a non-degenerate stationary distribution of ...
In this paper, we explore the connection between optimal monetary policy and heterogeneity among age...
What are the properties of optimal fiscal and monetary policies with heterogeneous agents? This is a...
We consider an overlapping-generations economy with money rationalized through a cash-in-advance con...
In models of money with an infinitely lived representative agent (ILRA models), the optimal monetary...
Abstract In this paper, we explore the connection between optimal monetary policy and het-erogeneity...
Abstract In this paper, we explore the connection between optimal monetary policy and het-erogeneity...
In this paper, we study the optimal steady state monetary policy in overlapping generations (OG) mod...
We study the money-in-the-utility-function model in which agents are heteroge-neous in their initial...
Recent papers suggest that when intermediation is analyzed seriously, the Friedman rule does not max...
A question at the center of many analyses of optimal monetary policy is, why do central banks never ...
Recent papers suggest that when intermediation is analyzed seriously, the Friedman rule does not max...
Recent monetary models with explicit microfoundations are made tractable by assuming that agents hav...
It is the purpose of this paper to show that certain results (derived from rational expectations mon...