Bhattacharya, Joydeep; Bunzel, Helle; Martin, Antoine - Iowa State University of Science and Technology <Ames, … - 2005
The Friedman rule, a widely studied prescription for monetary policy, is optimal inTownsend’s turnpike model of money; it is not so in the overlapping generations versionof his stochastic relocation model of money. We investigate these monetary models inthe light of this disparity. To that...