منابع مشابه
The Optimum Quantity of Debt : Technical Appendix
We describe the numerical method used to compute equilibria in the economies studied by Aiyagari and McGrattan, The Optimum Quantity of Debt (Journal of Monetary Economics 1998). These economies have a large number of infinitely lived households whose saving behavior is influenced by precautionary saving motives and borrowing constraints. We apply the finite element method to compute households...
متن کاملThe Optimum Quantity of Money *
a central premise of monetary policy in the U.S. throughout the first decade of the 21st century has been a firm commitment to avoid deflation, that is, a persistent fall in the price level. indeed, it is the consensus view of policymakers and most economists.1 central premise of monetary policy in the U.S. throughout the first decade of the 21st century has been a firm commitment to avoid defl...
متن کاملThe Theory of Optimum Deficits and Debt
This paper deals with some of the issues that arise in connection with the optimal financing of a given program of "exhaustive" public spending on goods and services. The determination of the size and composition of this real spending program is not considered. A more general view would encompass the optimal joint determination of the public sector’s consumption and investment program and its m...
متن کاملOn the Optimum Quantity of Money
WALTER BLOCK is the Harold E. Wirth Endowed Chair in Economics at Loyola University New Orleans.The authors wish to thank two referees of this journal for their comments on an earlier version of this paper. 1One referee commented, “What the authors [that is, us] fail to realize is that Mises’s and Rothbard’s hostility to the increase in the quantity of money was directed at its increase by the ...
متن کاملIs the Quantity of Debt a Constraint on Monetary Policy?
Monetary authorities have often voiced their concerns about a high debt level that could potentially restrain their ability to control the short-term interest rate as an instrument of monetary policy. However, monetary policy rules in the literature do not account for such constraints. This paper derives an augmented interest rate rule in which the response of the interest rate to expected infl...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 1998
ISSN: 0304-3932
DOI: 10.1016/s0304-3932(98)00031-2