Rocheteau, Guillaume; Weill, Pierre-Olivier; Wong, Russell - In: Theoretical economics : TE ; an open access journal in … 13 (2018) 3, pp. 1369-1423
money holdings. Properties of equilibria are obtained analytically and equilibria are solved in closed form in a variety of … cases. Lump-sum transfers financed with money creation are welfare-enhancing when labor productivity is low whereas … preferences and the velocity of money under heterogeneous preference shocks. …