resources at equilibrium; with a money-supply policy, the indeterminacy is real. Portfolio policy sets the portfolio of assets … remains indeterminacy indexed by an arbitrary probability measure over the set of states of the world. With an interest rate … policy, and only if the asset market is complete, indeterminacy is nominal: it affects prices, but not the allocation of …

The general equilibrium model with incomplete financial markets (GEI) is extended by adding fiat money, fiscal and … monetary policy and a cash-in-advance constraint. The central bank either pegs the interest rate or money supply while the …

The general equilibrium model with incomplete financial markets (GEI) is extended by adding fiat money, fiscal and … monetary policy and a cash-in-advance constraint. The central bank either pegs the interest rate or money supply while the …

The general equilibrium model with incomplete financial markets (GEI) is extended by adding fiat money, fiscal and … monetary policy and a cash-in-advance constraint. The central bank either pegs the interest rate or money supply while the …

The general equilibrium model with incomplete financial markets (GEI) is extended by adding fiat money, fiscal and … monetary policy and a cash-in-advance constraint. The central bank either pegs the interest rate or money supply while the …

-in-advance constraints. The total amount of money is supplied by an authority, which produces at no cost and lends money to agents at short …

-in-advance constraints. The total amount of money is supplied by an authority, which produces at no cost and lends money to agents at short …

Fiat money(1) is a creation of both the state and society. Its value is supported by expectations which are conditioned … weather. However, money and the financial institutions and instruments of a modern economy provide the means to influence … expectations and bound behavior.(2) Paper money emerges as a virtual commodity. The dynamics of the economy permits it to serve as …

increase their demand for money, which can enhance welfare by improving the allocation of the medium of exchange. However, this … effect fails for high inflation rates, because agents hold so little money in the first place that manipulating the bond …

increase their demand for money, which can enhance welfare by improving the allocation of the medium of exchange. However, this … effect fails for high inflation rates, because agents hold so little money in the first place that manipulating the bond …