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Government Borrowing using Bonds with Randomly Determined Returns : Welfare Improving Randomization in the Context of Deficit Finance

  • Smith, B.D.
  • Villamil, A.P.

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Paper provided by University of Rochester - Center for Economic Research (RCER) in its series RCER Working Papers with number 287.

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Length: 36 pages
Date of creation: 1991
Date of revision:
Handle: RePEc:roc:rocher:287
Contact details of provider: Postal: University of Rochester, Center for Economic Research, Department of Economics, Harkness 231 Rochester, New York 14627 U.S.A.

References listed on IDEAS
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  1. Richard Arnott & Joseph E Stiglitz, 2010. "Randomization with Asymmetric Information," Levine's Working Paper Archive 2054, David K. Levine.
  2. Cooley, Thomas F & Smith, Bruce D, 1993. "A Theory of Optimal Denominations for Government Liabilities," Economic Theory, Springer, vol. 3(4), pages 597-623, October.
  3. Bencivenga, V.R. & Smith, B.D., 1990. "Deficits, Inflation, And The Banking System In Developing Countries: The Optimal Degree Of Financial Repression," RCER Working Papers 214, University of Rochester - Center for Economic Research (RCER).
  4. Villamil, Anne P., 1988. "Price discriminating monetary policy : A nonuniform pricing approach," Journal of Public Economics, Elsevier, vol. 35(3), pages 385-392, April.
  5. Edward C Prescott & Robert M Townsend, 2010. "Pareto Optima and Competitive Equilibria With Adverse Selection and Moral Hazard," Levine's Working Paper Archive 2069, David K. Levine.
  6. Clotfelter, Charles T & Cook, Philip J, 1990. "On the Economics of State Lotteries," Journal of Economic Perspectives, American Economic Association, vol. 4(4), pages 105-19, Fall.
  7. Weir, David R., 1989. "Tontines, Public Finance, and Revolution in France and England, 1688–1789," The Journal of Economic History, Cambridge University Press, vol. 49(01), pages 95-124, March.
  8. Stiglitz, Joseph E., 1982. "Self-selection and Pareto efficient taxation," Journal of Public Economics, Elsevier, vol. 17(2), pages 213-240, March.
  9. Mirrless, J. A., 1975. "Optimal commodity taxation in a two-class economy," Journal of Public Economics, Elsevier, vol. 4(1), pages 27-33, February.
  10. John Bryant & Neil Wallace, 1983. "A price discrimination analysis of monetary policy," Staff Report 51, Federal Reserve Bank of Minneapolis.
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