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An Analysis of Monetary Policy in a Monetary Search Model with Non-unitary Discounting

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  • Daiki Maeda

Abstract

Based on findings in the behavioral economics literature, I incorporate non-unitary discounting into a monetary search model to study optimal monetary policy. I apply non-unitary discounting, that is, discount rates that are different across goods. With this extension to the model, I find that there are cases where optimal monetary policy deviates from the Friedman rule.

Suggested Citation

  • Daiki Maeda, 2019. "An Analysis of Monetary Policy in a Monetary Search Model with Non-unitary Discounting," ISER Discussion Paper 1062r, Institute of Social and Economic Research, Osaka University, revised Jul 2020.
  • Handle: RePEc:dpr:wpaper:1062r
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