On Heterogeneity in a Fundamental Model of Money
AbstractIn this preliminary version we consider different types of ex-ante heterogeneity (production cost, preferences, market access, etc.) in a Lagos-Wright (2003) framework. Such heterogeneity generates equilibrium inequality in nominal wealth, or money holdings. We have two basic objectives. First, we want to understand under what types of heterogeneity a simple monetary policy a' la Friedman is capable to generate optimal trades, and under what types it does not. Second if the Friedman rule cannot achieve efficiency, we ask if some redistributive monetary policy can achieve efficiency. Finally, we briefly examine the relationship between inflation and consumption inequality in the economy
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Bibliographic InfoPaper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number 92.
Date of creation: 2004
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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
Web page: http://www.EconomicDynamics.org/society.htm
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Money; Heterogeneity; Friedman Rule;
Find related papers by JEL classification:
- E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
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