From private banking to central banking: Ingredients of a welfare analysis

• 成果类型: Article
• 署名作者: Wallace, N
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2005.00337.x
• 发表日期: 2005
• 页码: 619-631
• 关键词: money; search

摘要

An earlier analysis of Cavalcanti and Wallace showing that the set of allocations achievable using outside (government) money is a subset of those achievable using inside (private) money is extended. Here, the class of outside-money allocations is enriched by allowing the planner to make transfers in the form of outside money. At the same time, punishments for defection are weakened. It is shown that the subset result continues to hold, although for a different reason than in the Cavalcanti and Wallace analysis.