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Optimal Monetary Policy in a Pure Currency Economy with Heterogenous Agents

Nicola Amendola, Leo Ferraris () and Fabrizio Mattesini ()
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Leo Ferraris: DEF & CEIS,University of Rome Tor Vergata, http://www.ceistorvergata.it

No 394, CEIS Research Paper from Tor Vergata University, CEIS

Abstract: This paper shows that, in a pure currency economy with heterogeneous agents and multiple commodities, a pecuniary externality plays a key role in making the equilibrium allocation constrained inefficient. Monetary policy intervention can help improve matters.

Keywords: Money; Heterogeneity; Pecuniary Externality; Monetary Policy (search for similar items in EconPapers)
JEL-codes: E40 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2016-12-17, Revised 2017-02-02
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:rtv:ceisrp:394

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