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| Author: | Crettez, B. Michel, P. Wigniolle, B. |
| Title: | Cash-in-advance constraints in the Diamond overlapping generations model: Neutrality and optimality of monetary policies |
| Journal: | Oxford Economic Papers
1999 : JUL, VOL. 51:3, p. 431-452 |
| Index terms: | ECONOMETRICS MONETARY POLICY |
| Language: | eng |
| Abstract: | This paper studies money in overlapping generations models with cash-in-advances constraints. A brief review of different features of the cash in-in-advance constraints is offered. A general formulation is offered and the neutrality of money is studied. Both neutrality and equilibrium dynamics depend on the form of the cash-in-advance constraint. Optimal intergenerational resources sharing can be implemented through monetary transfers. The Chicago Rule is implied by the optimal monetary policy. |
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