Cooper, Russell; Kempf, Hubert; Peled, Dan - HAL - 2008
monetization by a central bank ? We argue here that both outcomes can arise in equilibrium. In the model economy, there are … other, termed Monetization, the central bank is induced to print money to finance the region's obligations. The multiplicity … of equilibria reflects a commitment problem of the central bank. A key indicator of the selected equilibrium is the …