| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22431 |
| 来源ID | Working Paper 22431 |
| Monetary Policy with 100 Percent Reserve Banking: An Exploration | |
| Edward C. Prescott; Ryan Wessel | |
| 发表日期 | 2016-07-25 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We explore monetary policy in a world without fractional reserve banking. In our world, banks are purely transaction institutions. Money is a form of government debt that bears interest, which can be negative as well as positive. Services of money are a factor of production. We show that the national accounts must be revised in this world. Using our baseline economy, we determine a balanced growth path for a set of money interest rate policy regimes. Besides this interest rate, the only policy variable that differs across regimes is the labor income tax rate. Within this set of policy regimes, there is a balanced growth welfare-maximizing regime. We show that Friedman monetary satiation without deflation is possible in this world. We also examine a set of inflation rate targeting regimes. Here, the only other policy variable that differs across regimes is the inflation rate. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w22431 |
| 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/580105 |
| 推荐引用方式 GB/T 7714 | Edward C. Prescott,Ryan Wessel. Monetary Policy with 100 Percent Reserve Banking: An Exploration. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22431.pdf（442KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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