On the Friedman Rule in Search Models with Divisible Money
نویسندگان
چکیده
منابع مشابه
Friedman Meets Hosios: Efficiency in Search Models of Money∗
In this paper we study the inefficiencies of the monetary equilibrium and optimal monetary policies in a search economy. We show that the same frictions that give fiat money a positive value generate an inefficient quantity of goods in each trade and an inefficient number of trades (or search decisions). The Friedman rule eliminates the first inefficiency and the Hosios rule the second. A monet...
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چکیده ندارد.
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I characterize a large family of monetary policies that implement Milton Friedman’s prescription of zero nominal interest rates in a monetary search economy with multiple assets and aggregate uncertainty. This family of optimal policies is defined by two properties: (i) the money supply must be arbitrarily close to zero for an infinite number of dates, and (ii) asymptotically, on average (over ...
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In this paper we study the ine!ciencies of the monetary equilibrium and optimal monetary policies in a search economy. We show that the same frictions that give !at money a positive value generate an ine!cient quantity of goods in each trade and an ine!cient number of trades (or search decisions). The Friedman rule eliminates the !rst ine!ciency and the Hosios rule the second. A monetary equili...
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In cash-in-advance models, necessary and sufficient conditions for the existence of an equilibrium with zero nominal interest rates and Pareto optimal allocations place restrictions only on the very long-run, or asymptotic, behavior of the money supply. When these asymptotic conditions are satisfied, they leave the central bank with a great deal of flexibility to manage the money supply over an...
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ژورنال
عنوان ژورنال: Contributions in Macroeconomics
سال: 2003
ISSN: 1534-6005
DOI: 10.2202/1534-6005.1121