Add to ORKGda Costa and Werning (2005) prove that the Friedman rule of setting nominal interest rate to zero is locally optimal in a monetary model where each consumer receives a privately observed skill shock and the government uses incentive compatible non-linear income taxation. In this paper, we show that when goods and money are strictly separable from labor in the consumer's utility function, the Friedman rule is the globally optimal monetary policy. Positive nominal interest rate does not improve social welfare.Friedman rule
I characterize optimal monetary and fiscal policy in a stochastic New Keynesian model when nominal i...
This paper derives a generalized optimal interest rate rule that is optimal even under a zero lower ...
We find that the Friedman rule is not optimal with government transfers and distortionary taxation. ...
da Costa and Werning (2005) prove that the Friedman rule of setting nominal interest rate to zero is...
In this paper, we explore the connection between optimal monetary policy and heterogeneity among age...
In this paper, we explore the connection between optimal monetary policy and heterogeneity among age...
We study the money-in-the-utility-function model in which agents are heteroge-neous in their initial...
In this paper, we explore the connection between optimal monetary policy and heterogeneity among age...
The Friedman rule is strongly immune to most model modifications although it has not actually been o...
In this paper, we study the optimal steady state monetary policy in overlapping generations (OG) mod...
What are the properties of optimal fiscal and monetary policies with heterogeneous agents? This is a...
Abstract In this paper, we explore the connection between optimal monetary policy and het-erogeneity...
A question at the center of many analyses of optimal monetary policy is, why do central banks never ...
Optimal monetary policy maximizes the welfare of a representative agent, given frictions in the econ...
Abstract In this paper, we explore the connection between optimal monetary policy and het-erogeneity...
I characterize optimal monetary and fiscal policy in a stochastic New Keynesian model when nominal i...
This paper derives a generalized optimal interest rate rule that is optimal even under a zero lower ...
We find that the Friedman rule is not optimal with government transfers and distortionary taxation. ...
da Costa and Werning (2005) prove that the Friedman rule of setting nominal interest rate to zero is...
In this paper, we explore the connection between optimal monetary policy and heterogeneity among age...
In this paper, we explore the connection between optimal monetary policy and heterogeneity among age...
We study the money-in-the-utility-function model in which agents are heteroge-neous in their initial...
In this paper, we explore the connection between optimal monetary policy and heterogeneity among age...
The Friedman rule is strongly immune to most model modifications although it has not actually been o...
In this paper, we study the optimal steady state monetary policy in overlapping generations (OG) mod...
What are the properties of optimal fiscal and monetary policies with heterogeneous agents? This is a...
Abstract In this paper, we explore the connection between optimal monetary policy and het-erogeneity...
A question at the center of many analyses of optimal monetary policy is, why do central banks never ...
Optimal monetary policy maximizes the welfare of a representative agent, given frictions in the econ...
Abstract In this paper, we explore the connection between optimal monetary policy and het-erogeneity...
I characterize optimal monetary and fiscal policy in a stochastic New Keynesian model when nominal i...
This paper derives a generalized optimal interest rate rule that is optimal even under a zero lower ...
We find that the Friedman rule is not optimal with government transfers and distortionary taxation. ...