Optimal monetary policy with heterogeneous money holdings

DOI10.1016/J.JET.2015.07.005zbMATH Open1330.91143OpenAlexW1150454828MaRDI QIDQ900433FDOQ900433

Authors Francesco Lippi, Stefania Ragni, Nicholas Trachter

Publication date 22 December 2015

Published in Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL http://hdl.handle.net/11392/2336449

zbMATH Keywords

heterogeneous agentsprecautionary savingsFriedman rulepure currencyredistributive monetary policy

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64)

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Cites work

• scientific article; zbMATH DE number 41473 (Why is no real title available?)
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• A Divisible Search Model of Fiat Money
• ALTERNATIVE MONETARY POLICIES IN A TURNPIKE ECONOMY
• Asset trading mechanisms and expansionary policy
• Borrowing Constraints and Aggregate Economic Activity
• Essential interest-bearing money
• Incomplete markets and the output-inflation tradeoff
• Liquidity and Trading Dynamics
• Liquidity and interest rates
• Money, capital, and redistributive effects of monetary policies
• On Efficient Distribution with Private Information
• Optimal money creation in ``pure currency economies: a conjecture
• Sluggish responses of prices and inflation to monetary shocks in an inventory model of money demand
• The welfare cost of inflation under imperfect insurance

Cited in

(18)

• Inequality, business cycles, and monetary-fiscal policy
• Optimal random monetary policy with nominal rigidity.
• Efficient propagation of shocks and the optimal return on money
• Unique monetary equilibrium with inflation in a stationary Bewley-Aiyagari model
• Optimal Money Holding under Uncertainty
• Monetary mechanisms
• Money cycles
• Managing inequality over business cycles: optimal policies with heterogeneous agents and aggregate shocks
• Some benefits of cyclical monetary policy
• Heterogeneity, decentralized trade, and the long-run real effects of inflation
• Optimal money growth in a limited participation model with heterogeneous agents
• Optimal choice of monetary policy instruments in an economy with real and liquidity shocks
• A tractable model of monetary exchange with ex post heterogeneity
• Optimal social policies in mean field games
• scientific article; zbMATH DE number 2067982 (Why is no real title available?)
• Heterogeneity and monetary policy
• Preference heterogeneity and optimal monetary policy
• The invariant distribution of wealth and employment status in a small open economy with precautionary savings

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