haku: @indexterm production / yhteensä: 1066
viite: 417 / 1066
| Tekijä: | Mukherji, N. |
| Otsikko: | Inflation and welfare in a stochastic production economy |
| Lehti: | Quarterly Review of Economics and Finance
1996 : SPRING, VOL. 36:1, p. 1-16 |
| Asiasana: | INFLATION WELFARE PRODUCTION |
| Kieli: | eng |
| Tiivistelmä: | This paper analyzes the relationship between money and labor supply, and derives money's optimal rate of return when production functions experience stochastic shocks. Increases in money's return increase both the deterministic component and variance of labor supply. Moreover, money's optimal rate is found to differ from both the rate suggested by Friedman and the rates suggested by others for stochastic but pure endowment economies. Optimal policy is either inflationary or deflationary depending on parametrization. |
SCIMA