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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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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 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 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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Dirty Money.
Camera, G. - Krannert School of Management, Purdue University - 1999
An inter-governmental body is encouraging the replacement of currency with the objective of discouraging illegal economic activities. This policy is analyzed in a search-theoretic monetary economy with government enforcement. Individuals choose a legal or illegal production and settle trades via...
Persistent link: https://www.econbiz.de/10005835363
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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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On the coexistence of money and higher-return assets and its social role
Hu, Tai-Wei; Rocheteau, Guillaume - In: Journal of Economic Theory 148 (2013) 6, pp. 2520-2560
This paper adopts mechanism design to investigate the coexistence of fiat money and higher-return assets. We consider … an economy with pairwise meetings where fiat money and risk-free capital compete as means of payment, as in [28]. The … societyʼs welfare. We show that in any stationary monetary equilibrium capital commands a higher rate of return than fiat money. …
Persistent link: https://www.econbiz.de/10011043029