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TitleMoney and nominal bonds
Author(s)Marchesiani, Alessandro
Senesi, Pietro
Nominal bonds
Issue date16-Feb-2009
PublisherCambridge University Press
JournalMacroeconomic Dynamics
Citation"Macroeconomic Dynamics". ISSN1365-1005. 13:2 (Febr. 2009) 189-199.
Abstract(s)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.
AccessRestricted access (UMinho)
Appears in Collections:NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica

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