Essential interest-bearing money

• 成果类型: Article
• 署名作者: Andolfatto, David
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Simon Fraser University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2009.12.003
• 发表日期: 2010
• 页码: 1495-1507
• 关键词: money; interest; Friedman rule; Voluntary trade; Incentive-feasible policies; Efficient implementation

摘要

I examine optimal monetary policy in a Lagos and Wright [R. Lagos, R. Wright, A unified framework for monetary theory and policy analysis, J. Polit. Economy 113 (2005) 463-484] model where trade is centralized and all exchange is voluntary. I identify a class of incentive-feasible policies that improve welfare beyond what is achievable with zero intervention. Any policy in this class necessarily entails a non-negative inflation rate and a strictly positive nominal interest rate. Despite the absence of a lump-sum tax instrument, there exists an incentive-feasible policy that implements the first-best allocation. Published by Elsevier Inc.