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Savings, asset scarcity, and monetary policy

Altermatt, Lukas - 2018

This paper analyzes optimal monetary and fiscal policy in a model where money and savings are essential and asset …

Persistent link: https://www.econbiz.de/10011933028

Active monetary policy, passive fiscal policy and the value of public debt: some further monetarist arithmetic

von Thadden, Leopold - 2003

'aktiven' Geldpolitik und einer 'passiven' Fiskalpolitik. Insbesondere wird davon ausgegangen, dass der Fiskalagent die …

Persistent link: https://www.econbiz.de/10010295760

The political economy of intra- and intergenerational redistribution with asymmetric information

Lorz, Jens Oliver - 1999

-productivity individuals is inefficiently allocated over their life cycle. For a given level of aggregate savings, a Pareto-improvement would …. In addition to this inefficiency, the government in period 1 may choose an inefficient level of aggregate savings in the … equilibrium. It is shown for a specific example that an increase in aggregate savings would be Pareto-improving. …

Persistent link: https://www.econbiz.de/10010275329

Intergenerational redistribution with asymmetric information: The case of non-observable savings

Lorz, Jens Oliver - 1999

productivities. In addition, individual savings and capital incomes are not observable for the government. It is shown that the …

Persistent link: https://www.econbiz.de/10010331072

Monetary policy and redistribution: What can or cannot be neutralized with Mirrleesian taxes

Gahvari, Firouz; Micheletto, Luca - 2012

This paper develops an overlapping-generations model with heterogeneous agents in terms of earning ability and cash-in-advance constraint. It shows that tax policy cannot fully replicate or neutralize the redistributive implications of monetary policy. While who gets the extra money becomes...

Persistent link: https://www.econbiz.de/10010280805

The interdependence of monetary and macroprudential policy under the zero lower bound

Lewis, Vivien; Villa, Stefania - 2016

This paper considers the interdependence of monetary and macroprudential policy in a New Keynesian business cycle model under the zero lower bound constraint. Entrepreneurs borrow in nominal terms from banks and are subject to idiosyncratic default risk. The realized loan return to the bank...

Persistent link: https://www.econbiz.de/10011786065

Liquidity, the Mundell-Tobin effect, and the Friedman rule

Altermatt, Lukas; Wipf, Christian - 2020

We investigate how the Mundell-Tobin effect, i.e., a positive relation between in ation and capital investment, changes the optimal monetary policy prescription in a framework that combines overlapping generations and new monetarist models. We find that the Friedman rule is optimal if and only...

Persistent link: https://www.econbiz.de/10012420712

Central bank digital currency with heterogeneous bank deposits

Nyffenegger, Remo - 2022

This paper analyses the effects of an introduction of a retail central bank digital currency (CBDC) on bank intermediation in a tractable general equilibrium model with heterogeneous bank deposits and an imperfectly competitive loan market. The agents in the economy have preferences over holding...

Persistent link: https://www.econbiz.de/10013262909

Monetary and fiscal policy rules in a model with capital accumulation and potentially non-superneutral money

von Thadden, Leopold - 2002

We consider the properties of two monetary policy rules (monetary targeting, Taylor-type interest rate rule) in an intertemporal equilibrium model with capital accumulation and two outside assets (government bonds, fiat money). The paper shows that the long-run behaviour of the economy depends...

Persistent link: https://www.econbiz.de/10010295739

Optimal monetary policy and price stability over the long-run

Kryvtsov, Oleksiy; Shukayev, Malik; Ueberfeldt, Alexander - 2007

optimal allocation. This policy aims to stabilize the savings rate in the economy via the effect of expected inflation on real …

Persistent link: https://www.econbiz.de/10010279955