Heterogeneity, redistribution, and the Friedman rule

• 成果类型: Article
• 署名作者: Bhattacharya, J; Haslag, JH; Martin, A
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - New York; Iowa State University; University of Missouri System; University of Missouri Columbia
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2005.00327.x
• 发表日期: 2005
• 页码: 437-454
• 关键词: money; POLICY; monetary; banking

摘要

We study monetary models with nondegenerate stationary distributions of money holdings. We find that the Friedman rule does not typically maximize ex post social welfare. An increase in the rate of growth of the money supply has two effects: the standard distortionary, or rate-of-return, effect makes money a less desirable asset for all moneyholders. A second, redistributive effect, creates a transfer from one type of agent to the other. An increase in the rate of growth of money away from the Friedman rule can produce a rate-of-return effect that dominates the standard effect.