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A Price Discrimination Analysis of Monetary Policy

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  • John Bryant
  • Neil Wallace

Abstract

Monetary policy is analysed within a model that appeals to legal restrictions on private intermediation to explain the coexistence of currency and interest-bearing default-free bonds. The interaction between such legal restrictions and monetary policy is illustrated in a version of the overlapping generations model. The model shows that legal restrictions and the use of both currency and bonds permit the government to levy a nonlinear inflation tax and that such a tax may be better in terms of the Pareto criterion than a linear inflation tax.

Suggested Citation

  • John Bryant & Neil Wallace, 1984. "A Price Discrimination Analysis of Monetary Policy," Review of Economic Studies, Oxford University Press, vol. 51(2), pages 279-288.
  • Handle: RePEc:oup:restud:v:51:y:1984:i:2:p:279-288.
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    File URL: http://hdl.handle.net/10.2307/2297692
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