Asset trading mechanisms and expansionary policy 公开 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) 关键词 贡献者 Date Modified
  • 03/19/2018
Publisher
  • Federal Reserve Bank of Minneapolis. Research Division.
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