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Monetary equilibria in a cash-in-advance economy with incomplete financial markets
Bai, Jinhui H.; Schwarz, Ingolf - 2005
The general equilibrium model with incomplete financial markets (GEI) is extended by adding fiat money, fiscal and … monetary policy and a cash-in-advance constraint. The central bank either pegs the interest rate or money supply while the …
Persistent link: https://www.econbiz.de/10010264772
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Monetary Equilibria in a Cash-in-Advance Economy with Incomplete Financial Markets
Bai, Jinhui H.; Schwarz, Ingolf - 2005
The general equilibrium model with incomplete financial markets (GEI) is extended by adding fiat money, fiscal and … monetary policy and a cash-in-advance constraint. The central bank either pegs the interest rate or money supply while the …
Persistent link: https://www.econbiz.de/10004990373
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Money and indeterminacy over an infinite horizon
BLOISE, Gaetano; DRÈZE, Jacques; POLEMARCHAKIS, Heracles - Center for Operations Research and Econometrics (CORE), … - 2002
Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends …
Persistent link: https://www.econbiz.de/10005043427
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The fragility of the fiscal theory of price determination
BLOISE, Gaetano - Center for Operations Research and Econometrics (CORE), … - 2002
The fiscal theory of price determination asserts that the price level is determined by the ratio of nominal public debt to the present value of real primary surpluses. To show its fragility, we describe a cash-in-advance economy with infinitely lived real productive assets. The fiscal theory...
Persistent link: https://www.econbiz.de/10005043544
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Monetary Equilibria in a Cash-in-Advance Economy with Incomplete Financial Markets
Schwarz, Ingolf; Bai, Jinhui H. - Max-Planck-Institut zur Erforschung von … - 2005
The general equilibrium model with incomplete financial markets (GEI) is extended by adding fiat money, fiscal and … monetary policy and a cash-in-advance constraint. The central bank either pegs the interest rate or money supply while the …
Persistent link: https://www.econbiz.de/10005772772
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Monetary Equilibria over an Infinite Horizon.
Bloise, Gaetano; Dreze, J. H.; Polemarchakis, H. M. - Økonomisk Institut, Københavns Universitet - 2003
Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends …
Persistent link: https://www.econbiz.de/10005749674
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Monetary Equilibria in a Cash-in-Advance Economy with Incomplete Financial Markets
Bai, Jinhui H.; Schwarz, Ingolf - Georgetown University, Department of Economics - 2006
The general equilibrium model with incomplete financial markets (GEI) is extended by adding fiat money, fiscal and … monetary policy and a cash-in-advance constraint. The central bank either pegs the interest rate or money supply while the …
Persistent link: https://www.econbiz.de/10005184836
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Launching of a New Currency in a Simple Random Matching Model
LOTZ, Sébastien; ROCHETEAU, Guillaume - Départment d'économétrie et d'économie politique … - 2000
This paper studies the launching of a new fiat currency within a search-theoretic framework. We show that legal tender laws may not be sufficient to guarantee the acceptability of the new currency, and that the withdrawal of a large fraction of the competing currency is essential to avoid the...
Persistent link: https://www.econbiz.de/10005481736
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The Distribution of Money and Prices in an Equilibrium with Lotteries
Berentsen, Aleksander; Camera, Gabriele; Waller, Christopher - Institut für Volkswirtschaftslehre, …
We construct a tractable model of divisible money and equilibrium heterogeneity in money balances and prices. We do so … by considering randomized monetary trades in a standard search-theoretic model of money where agents can hold multiple … observed in numerically simulated economies with fully divisible money and price heterogeneity. …
Persistent link: https://www.econbiz.de/10005463523
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Circulation of private notes during a currency shortage
Morató, Xavier Cuadras - Department of Economics and Business, Universitat … - 2005
This paper provides a search theoretical model that captures two phenomena that have characterized several episodes of monetary history: currency shortages and the circulation of privately issued notes. As usual in these models, the media of exchange are determined as part of the equilibrium. We...
Persistent link: https://www.econbiz.de/10005772506