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| Author: | Rao Aiyagari, S. Williamson, S. |
| Title: | Money and dynamic credit arrangements with private information |
| Journal: | Journal of Economic Theory
2000 : APR, VOL. 91:2, p. 248-279 |
| Index terms: | ECONOMIC THEORY MONEY INFLATION |
| Language: | eng |
| Abstract: | The authors construct a model with private information in which consumers write dynamic contracts with financial intermediaries. A role for money arises due to random limited participation of consumers in the financial market. Without defection constraints, a Friedman rule is optimal, the mean and variability of wealth tend to fall with inflation in the steady state, and the welfare effects of inflation are very small. |
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