Optimal money growth in a limited participation model with heterogeneous agents

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dc.citation.epage108en_US
dc.citation.issueNumber2en_US
dc.citation.spage91en_US
dc.citation.volumeNumber9en_US
dc.contributor.authorBaşçi, E.en_US
dc.contributor.authorSaglam I.en_US
dc.date.accessioned2016-02-08T10:23:48Z
dc.date.available2016-02-08T10:23:48Z
dc.date.issued2005en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractThis paper studies optimal money growth in a cash-in-advance production economy with heterogeneity in patience levels and know-how. We show that the rate of deflation suggested by the Friedman rule is limited by the subjective discount rate of the most patient agent in the economy. The output distortion due to cash-in-advance constraints on firms can completely be eliminated by means of the Friedman rule if and only if firms are run by the most patient agents. © Springer-Verlag 2005.en_US
dc.description.provenanceMade available in DSpace on 2016-02-08T10:23:48Z (GMT). No. of bitstreams: 1 bilkent-research-paper.pdf: 70227 bytes, checksum: 26e812c6f5156f83f0e77b261a471b5a (MD5) Previous issue date: 2005en
dc.identifier.doi10.1007/s10058-005-0122-1en_US
dc.identifier.issn14344742
dc.identifier.urihttp://hdl.handle.net/11693/24080
dc.language.isoEnglishen_US
dc.relation.isversionofhttp://dx.doi.org/10.1007/s10058-005-0122-1en_US
dc.source.titleReview of Economic Designen_US
dc.subjectCash-in-advanceen_US
dc.subjectFriedman ruleen_US
dc.subjectInflationen_US
dc.subjectLimited participationen_US
dc.titleOptimal money growth in a limited participation model with heterogeneous agentsen_US
dc.typeArticleen_US

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