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Money and Insurance in a Turnpike Environment

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Author Info
Hornstein, Andreas
Krusell, Per

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Abstract

We study the effects of introducing a feasible insurance market into the spatial separation model of money described in Mitsui and Watanabe (1989). We show that the insurance contract may or may not drive out money. We also show that, depending on the degree of risk aversion, the additional market can reduce welfare for all agents, increase welfare for all agents, or increase welfare for some agents and reduce it for others.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 3 (1993)
Issue (Month): 1 (January)
Pages: 19-34
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Handle: RePEc:spr:joecth:v:3:y:1993:i:1:p:19-34

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  1. Stephen D. Williamson, 1998. "Discount Window Lending and Deposit Insurance," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 246-275, January. [Downloadable!] (restricted)
    Other versions:
  2. Beatrix Paal & Bruce D. Smith, 2001. "The sub-optimality of the Friedman rule and the optimum quantity of money," IEHAS Discussion Papers 0113, Institute of Economics, Hungarian Academy of Sciences. [Downloadable!]
  3. Gaetano Antinolfi & Elisabeth Huybens, 2000. "Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort," Econometric Society World Congress 2000 Contributed Papers 1156, Econometric Society. [Downloadable!]
    Other versions:
  4. Stacey L. Schreft & Bruce D. Smith, 1994. "Money, banking, and capital formation," Working Paper 94-05, Federal Reserve Bank of Richmond. [Downloadable!]
    Other versions:
  5. Gaetano Antinolfi & Todd Keister, 2000. "Liquidity Crises and Discount Window Lending: Theory and Implications for the Dollarization Debate," Working Papers 0002, Centro de Investigacion Economica, ITAM. [Downloadable!]
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This page was last updated on 2009-11-25.

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