Central-Bank Interest-Rate Control in a Cashless, Arrow-Debreu Economy

Neil Wallace ()
Additional contact information
Neil Wallace: The Pennsylvania State University

A chapter in Essays in Dynamic General Equilibrium Theory, 2005, pp 267-273 from Springer

Abstract: Summary A pure-exchange, competitive economy with date-specific units of account is studied. It differs from the standard pure-exchange model in having unit-of-account endowments. For such an economy, conditions are given for an outside agent, a central bank, to be able to control the nominal rate of interest. It can do so provided it has positive unit-of-account endowments. A more general outside agent that has a positive endowment of some good and positive unit-of-account endowments can select the time path of the price level.

Keywords: Monetary Policy; Central Bank; Excess Demand; Competitive Equilibrium; Nominal Interest Rate (search for similar items in EconPapers)
Date: 2005
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:steccp:978-3-540-27192-5_11

Ordering information: This item can be ordered from
http://www.springer.com/9783540271925

DOI: 10.1007/3-540-27192-9_11

Access Statistics for this chapter

More chapters in Studies in Economic Theory from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().