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Friedman Meets Hosios: Efficiency in Search Models of Money
Berentsen, Aleksander; Rocheteau, Guillaume; Shi, Shouyong - University of Toronto, Department of Economics - 2002
In this paper we study the inefficiencies of the monetary equilibrium and optimal monetary policies in a search economy … trade and an inefficient number of trades (or search decisions). The Friedman rule eliminates the first inefficiency and the … order to internalize all search externalities. …
Persistent link: https://www.econbiz.de/10005827212
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Liquidity, Innovation and Growth
Berentsen, Aleksander; Breu, Mariana Rojas; Shi, Shouyong - University of Toronto, Department of Economics - 2012
Many countries simultaneously suffer from high inflation, low growth and poorly developed financial sectors. In this paper, we integrate a microfounded model of money and finance into a model of endogenous growth to examine the effects of inflation on welfare, growth and the size of the...
Persistent link: https://www.econbiz.de/10010897045