Roy-Bhattacharya, Joydeep; Haslag, Joseph H.; Martin, … - 2005
monetary economy with two types of agents that differ in the marginal utility they derive from real money balances--a framework … that produces a nondegenerate stationary distribution of money holdings. Without type-specific fiscal policy, we show that … they derive from real money balances—a framework that produces a
nondegenerate stationary distribution of money holdings …