Incomplete markets and the output-inflation tradeoff

DOI10.1007/S00199-009-0499-0MaRDI QIDQ617345zbMATH OpenOpenAlexFDO

Authors Yann Algan, Edouard Challe, Xavier Ragot

Publication date 21 January 2011

Published in Economic Theory (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1007/s00199-009-0499-0

zbMATH Keywords

incomplete marketsborrowing constraintsshort-run non-neutrality

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64) Microeconomic theory (price theory and economic markets) (91B24)

Recommendations

• Inflation-stabilization risk in economies with incomplete asset markets
• Optimality of Stationary Asset Equilibria Under A Stochastic Inflation Tax
• Inflation in open economies with complete markets
• Heterogeneity, decentralized trade, and the long-run real effects of inflation
• Asset Markets and Equilibrium Processes

Cites work

• A Difficulty with the Optimum Quantity of Money
• A rudimentary random-matching model with divisible money and prices
• Asset trading mechanisms and expansionary policy
• Borrowing Constraints and Aggregate Economic Activity
• Liquidity Constrained Markets Versus Debt Constrained Markets
• The welfare cost of inflation under imperfect insurance

Cited in

(13)

• A Becker-Tomes model with investment risk
• Reallocation of production inputs in a monetary economy
• Elementary results on solutions to the Bellman equation of dynamic programming: existence, uniqueness, and convergence
• Nonneutrality of money in dispersion: Hume revisited
• Heterogeneity, decentralized trade, and the long-run real effects of inflation
• Optimal monetary policy with heterogeneous money holdings
• Bequests, estate taxes, and wealth distributions
• Incomplete markets and derivative assets
• The redistributive effects of inflation and the shape of money demand
• Filtration shrinkage, the structure of deflators, and failure of market completeness
• A tractable model of monetary exchange with ex post heterogeneity
• Inflation in open economies with complete markets
• SOME INTRANATIONAL EVIDENCE ON OUTPUT-INFLATION TRADE-OFFS

Describes a project that uses

Uses Software

• Uhlig Toolkit

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