A Simple General Equilibrium Version of the Baumol-Tobin Model

David Romer

The Quarterly Journal of Economics, 1986, vol. 101, issue 4, 663-685

Abstract: This paper presents a simple general equilibrium model that includes optimizing choices of the frequency of trips to the bank. The model is used to analyze the effect of inflation on the capital stock, the interest elasticity of money demand, the optimum quantity of money, and the welfare costs of inflationary finance.

Date: 1986
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