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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
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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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
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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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 - 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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Distributional Aspects of the Divisibility of Money : An Example
Camera, Gabriele - 2014
I highlight the importance of the distributional aspects of money's divisibility by comparing a search-theoretic model … with random transfers of indivisible money balances, to one with deterministic transfers of partially divisible balances …. Randomization allows price flexibility, as if money were fully divisible. Partial divisibility does not, but allows money …
Persistent link: https://www.econbiz.de/10013039818
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Inflation and Welfare with Search and Price Dispersion
Wang, Liang - Department of Economics, University of Hawaii-Manoa - 2011
frictions to incorporate the interrelationship of money, search, and endogenous price dispersion. Inflation aspects welfare …
Persistent link: https://www.econbiz.de/10009327859
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Can Chocolate be Money as a Medium of Exchange? Belief Learning vs. Reinforcement Learning
Kawagoe, Toshiji - 2008
In this paper, a variant of Kiyotaki and Wright model of emergence of money is investigated. In the model, each good … but one is not durable. With certain condition, non durable good can be money as a medium of exchange. But equilibrium … non durable good as money by reinforcement learning which does use no information of the distribution of goods. It is …
Persistent link: https://www.econbiz.de/10014219690