Monetary Integration, Uncertainty and the Role of Money Finance
This paper considers the positive theory of monetary integration in a general equilibrium monetary model. A role for money finance is presented that optimally reduces consumption variability when asset markets are incomplete. Importantly, this role is independent of the aggregate money stock and so does not restrict inflation policy. Copyright 1998 by The London School of Economics and Political Science
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Volume (Year): 65 (1998)
Issue (Month): 258 (May)
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