The Optimum Quantity of Money Revisited: Distortionary Taxation in a Search Model of Money
نویسندگان
چکیده
منابع مشابه
The Optimum Quantity of Money Revisited: Distortionary Taxation in a Search Model of Money
This paper incorporates a distortionary tax into a microfoundations of money framework and revisits the optimum quantity of money. The money constraint in the decentralized market plays a key role in the optimal policy. Only if the constraint is binding can fiscal policy alter the agents’ surplus shares; monetary, but not fiscal, policy affects the agents’ bargaining position, leaving a special...
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 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 کاملoptimum quantity of money – an application to iran economy
the study of the role of money in the economy of developing countries, and its impact on economic variables, analysis of monetary policies, and other related issues are of paramount importance in economic planning. considering the above-mentioned points and also the realities of iranian economy, it is quite vital to scientifically specify the long-term trend of money supply through investigatio...
متن کاملThe IPE of money revisited
Some two decades after an earlier review essay of mine, the time seems ripe to revisit the international political economy (IPE) of money. How has the study of money evolved in more recent years, and what is the understanding of international monetary politics today? The main message of this essay is – to be blunt – disappointment. Research has become increasingly insular and introspective, lar...
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: The B.E. Journal of Macroeconomics
سال: 2010
ISSN: 1935-1690
DOI: 10.2202/1935-1690.1835