Money and Credit: An Equivalence Result and Its Implications

In a wide range of economic settings, equilibrium outcomes in pure credit equilibria are known to be Pareto optimal (or Pareto optimal given informational or enforcement limitations). In a series of examples, I demonstrate how the above equivalence result can be used to provide a more complete understanding of optimal monetary policy in heterogeneous agent economies.

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Year of publication:	2007
Authors:	Kocherlakota, Narayana
Institutions:	Society for Economic Dynamics - SED

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Extent:	application/pdf
Series:	2007 Meeting Papers.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series 2007 SED Meeting Papers Number 115
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011082167