Sissoko, Carolyn - In: Review of Economic Analysis : REA 13 (2021) 1, pp. 1-43
In a world where the means of exchange is convertible into the numeraire consumption good at a fixed rate, no one wants to hold money over time - and due to convertibility there is no means by which the Friedman rule can generate deflation. This is the environment we study in this paper in order...
