| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21179 |
| 来源ID | Working Paper 21179 |
| A Tractable Model of Monetary Exchange with Ex-post Heterogeneity | |
| Guillaume Rocheteau; Pierre-Olivier Weill; Tsz-Nga Wong | |
| 发表日期 | 2015-05-18 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We construct a continuous-time, pure currency economy with the following three key features. First, our modelled economy incorporates idiosyncratic uncertainty—households receive infrequent and random opportunities of lumpy consumption—and displays an endogenous, non-degenerate distribution of money holdings. Second, the model is tractable: properties of equilibria can be obtained analytically, and equilibria can be solved in closed form in a variety of cases. Third, it admits as a special, limiting case the quasi-linear economy of Lagos and Wright (2005) and Rocheteau and Wright (2005). We use our modeled economy to obtain new insights into the effects of anticipated inflation on individual spending behavior, the social benefits and output effects of inflationary transfer schemes, and transitional dynamics following unanticipated monetary shocks. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w21179 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578852 |
| 推荐引用方式 GB/T 7714 | Guillaume Rocheteau,Pierre-Olivier Weill,Tsz-Nga Wong. A Tractable Model of Monetary Exchange with Ex-post Heterogeneity. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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