search query: @indexterm welfare / total: 396
reference: 234 / 396
| Author: | Aiyagari, S. R. Wallace, N. |
| Title: | Government transaction policy, the medium of exchange, and welfare |
| Journal: | Journal of Economic Theory
1997 : MAY, VOL. 74:1, p. 1-18 |
| Index terms: | BUSINESS-GOVERNMENT RELATIONS POLICY EXCHANGE RATES WELFARE |
| Language: | eng |
| Abstract: | In a version of the Kiyotaki-Wright model of media of exchange, policy regarding what the government accepts in transactions is embedded. The policies consistent with fiat money as the unique medium of exchange are identified in an example with two goods of fiat money. The policies have the government favoring fiat money in its transactions. The cost is that a better monetary steady state is eliminated, and the benefit is that a worse nonmonetary steady state is eliminated. |
SCIMA