Varelas, Erotokritos; Soldatos, Gerasimos T. - In: Research in World Economy 5 (2014) 1, pp. 29-38
Chicago rule is shown to be the unique optimal monetary policy rule from the viewpoint of an intergenerational welfare-maximizing social planner. But, in the absence of commercial banking, it really mandates the elimination of the public sector, because it involves the elimination of central...
