Asset trading mechanisms and expansionary policy Public Deposited

Creator Series Issue number
  • 388
Date Created
  • 1988-03
Abstract
  • Previous authors have argued that the optimal monetary policy is contractionary. If buyers value consumption substantially more than sellers, there is some randomness and informational constraints make asset trading useful, we show that there is an incentive compatible expansionary policy that dominates all incentive compatible contractionary policies.

Subject (JEL) Keyword Contributor Date Modified
  • 03/19/2018
Publisher
  • Federal Reserve Bank of Minneapolis. Research Division.
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