A comment on: 'Efficient propagation of shocks and the optimal return on money'

Lotteries are introduced into Cavalcanti and Erosa (2008) [2], a version of Trejos and Wright (1995) [4] with aggregate shocks. Lotteries improve welfare and eliminate the two notable features of the optimum with deterministic trades: over-production and history-dependence. Moreover, the optimum can be supported by buyer take-it-or-leave-it offers.

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Year of publication:	2012-01-04
Authors:	Huang, Pidong

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Type of publication:	Book / Working Paper
Language:	English
Notes:	Huang, Pidong (2012): A comment on: 'Efficient propagation of shocks and the optimal return on money'. Published in: Journal of Economic theory , Vol. 147, No. 1 (2012)
Classification:	E30 - Prices, Business Fluctuations, and Cycles. General
Source:	BASE

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