Optimal money growth in a limited participation model with heterogeneous agents
نویسندگان
چکیده
منابع مشابه
Optimal Unemployment Insurance with Limited Government Commitment and Heterogeneous Agents
In this paper, we consider a model where each one of a continuum of workers can influence the stochastic evolution of his employment/unemployment state, i.e., the number of periods he has been employed or unemployed, respectively, through the choice of an effort variable. We analyze the dynamic game between the workers and a long-lived government who attempts to control social welfare through a...
متن کاملLimited participation, private money, and credit in a spatial model of money
The purpose of this paper is to explore the implications of private money issue for the effects of monetary policy, for optimal policy, and for the role of fiat money. A locational model is constructed which gives an explicit account of the role for money and credit, and for limited financial market participation. When private money issue is prohibited, there is a liquidity effect as the result...
متن کاملOptimal monetary policy with heterogeneous money holdings
We study the optimal anticipated policy in a pure-currency economy with flexible prices and a nondegenerate distribution of money holdings. The economy features a business cycle and lump-sum monetary injections have distributional effects that depend on the state of the cycle. We parsimoniously characterize the dynamics of the economy and study the optimal regulation of the money supply as a fu...
متن کاملLimited Participation and the Neutrality of Money
M oney is useful in overcoming two types of frictions. First, in barter exchange, money helps to mitigate double-coincidence frictions that arise in developed economies where economic agents are specialized in production and consumption. Second, in trades involving credit, information frictions may imply that one economic agent has difficulty getting another economic agent to accept his or her ...
متن کاملExistence of competitive equilibrium in an optimal growth model with heterogeneous agents and endogenous leisure∗
This paper proves the existence of competitive equilibrium in a single-sector dynamic economy with heterogeneous agents and elastic labor supply. The method of proof relies on some recent results concerning the existence of Lagrange multipliers in infinite dimensional spaces and their representation as a summable sequence and a direct application of the Brouwer fixed point theorem.
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Review of Economic Design
سال: 2005
ISSN: 1434-4742,1434-4750
DOI: 10.1007/s10058-005-0122-1