This paper shows that, in a pure currency economy with heterogeneous agents and multiple commodities, a pecuniary externality plays a key role in making the equilibrium allocation constrained inefficient. Monetary policy intervention can help improve matters.

Amendola, N., Ferraris, L., Mattesini, F. (2016). Optimal Monetary Policy in a Pure Currency Economy with Heterogenous Agents [Working paper].

Optimal Monetary Policy in a Pure Currency Economy with Heterogenous Agents

Ferraris, L;
2016

Abstract

This paper shows that, in a pure currency economy with heterogeneous agents and multiple commodities, a pecuniary externality plays a key role in making the equilibrium allocation constrained inefficient. Monetary policy intervention can help improve matters.
Working paper
No
Scientifica
Money
English
(Issue 1, No. 394 – December 2016)
Amendola, N., Ferraris, L., Mattesini, F. (2016). Optimal Monetary Policy in a Pure Currency Economy with Heterogenous Agents [Working paper].
Amendola, N; Ferraris, L; Mattesini, F
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/10281/311167
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