haku: @author Michel, P. / yhteensä: 11
viite: 5 / 11
Tekijä: | Crettez, B. Michel, P. Wigniolle, B. |
Otsikko: | Cash-in-advance constraints in the Diamond overlapping generations model: Neutrality and optimality of monetary policies |
Lehti: | Oxford Economic Papers
1999 : JUL, VOL. 51:3, p. 431-452 |
Asiasana: | ECONOMETRICS MONETARY POLICY |
Kieli: | eng |
Tiivistelmä: | 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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