MONEY AND NOMINAL BONDS

Alessandro Marchesiani () and Pietro Senesi

Macroeconomic Dynamics, 2009, vol. 13, issue 2, 189-199

Abstract: This paper studies an economy with ex post heterogeneity and nominal bonds in a model à la Lagos and Wright (2005). It is shown that a strictly positive interest rate is a sufficient condition for the allocation with nominal bonds to be welfare-improving. This result comes from protection against the inflation tax.

Date: 2009
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Working Paper: Money and Nominal Bonds (2007)
Working Paper: Money and Nominal Bonds (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:cup:macdyn:v:13:y:2009:i:02:p:189-199_08

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