Liquidity and Welfare in a Heterogeneous-Agent Economy
نویسندگان
چکیده
منابع مشابه
Liquidity and Welfare in a Heterogeneous-Agent Economy
This paper reconsiders the welfare costs of ination and the welfare gains from nancial intermediation in a heterogeneous-agent economy where money is held as a store of value (as in Bewley, 1980). Because of heterogeneous liquidity demand, transitory lump-sum money injections can have persistent expansionary e¤ects despite exible prices, and such e¤ects can be greatly ampli ed by the banking...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.1387091