Money and Competing Assets under Private Information

東京大学大学院経済学研究科棟 3階 第3教室

Guillaume Rocheteau 氏
Federal Reserve Bank of Cleveland and National University of Singapore

This paper studies random-matching economies where fiat money coexists with a real asset, and no restrictions are imposed on payment arrangements. The real asset is partially illiquid due to informational asymmetries about its fundamental value. The extent to which the real asset is used as means of payment depends on the variance of its dividend as well as monetary policy. The effects of inflation on payment arrangements, asset prices, and welfare are analyzed.

備考: Microworkshopと共催

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