Monetary Integration, Uncertainty and the Role of Money Finance

Graham Voss

Economica, 1998, vol. 65, issue 258, 231-245

Abstract: This paper considers the positive theory of monetary integration in a general equilibrium monetary model. A role for money finance is presented which optimally reduces consumption variability when asset markets are incomplete. Importantly, this role is independent of the aggregate money stock and so does not restrict inflation policy.

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:bla:econom:v:65:y:1998:i:258:p:231-245

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