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Central-Bank Interest-Rate Control in a Cashless, Arrow-Debreu Economy

In: Essays in Dynamic General Equilibrium Theory

Author

Listed:
  • Neil Wallace

    (The Pennsylvania State University)

Abstract

Summary A pure-exchange, competitive economy with date-specific units of account is studied. It differs from the standard pure-exchange model in having unit-of-account endowments. For such an economy, conditions are given for an outside agent, a central bank, to be able to control the nominal rate of interest. It can do so provided it has positive unit-of-account endowments. A more general outside agent that has a positive endowment of some good and positive unit-of-account endowments can select the time path of the price level.

Suggested Citation

  • Neil Wallace, 2005. "Central-Bank Interest-Rate Control in a Cashless, Arrow-Debreu Economy," Studies in Economic Theory, in: Alessandro Citanna & John Donaldson & Herakles Polemarchakis & Paolo Siconolfi & Stephan E. Spear (ed.), Essays in Dynamic General Equilibrium Theory, pages 267-273, Springer.
    • Handle: RePEc:spr:steccp:978-3-540-27192-5_11
    DOI: 10.1007/3-540-27192-9_11
    as

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