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Monetary Policy with Asset-Backed Money
Project funded by own resources |
Project title |
Monetary Policy with Asset-Backed Money |
Principal Investigator(s) |
Berentsen, Aleksander
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Organisation / Research unit |
Departement Wirtschaftswissenschaften / Wirtschaftstheorie (Berentsen) |
Project Website |
https://ideas.repec.org/p/fip/fedlwp/2013-030.html |
Project start |
01.08.2013 |
Probable end |
31.07.2027 |
Status |
Active |
Abstract |
We study the use of intermediated assets as media of exchange in a neo- classical growth model. An intermediary is delegated control over productive capital and finances itself by issuing claims against the revenue generated by its operations. Unlike physical capital, intermediated claims are assumed to be liquid-they constitute a form of asset-backed money. The intermediary is assumed to control 1) the number of claims outstanding, 2) the dividends paid out to claim holders and 3) the fee charged for collecting the dividend. We find that for patient economies, the first-best allocation can always be implemented as a competitive equilibrium through an appropriately designed intermediary policy rule. The optimal policy requires strictly positive inflation. While it is also possible to implement the first-best by introducing at money and a lump- sum tax instrument, our results demonstrate that neither of these interventions are necessary for efficiency. |
Financed by |
University funds
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Published results () |
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ID |
Autor(en) |
Titel |
ISSN / ISBN |
Erschienen in |
Art der Publikation |
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3693113 |
Andolfatto, David; Berentsen, Aleksander; Waller, Christopher |
Monetary policy with asset-backed money |
0022-0531 ; 1095-7235 |
Journal of Economic Theory |
Publication: JournalArticle (Originalarbeit in einer wissenschaftlichen Zeitschrift) |
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Cooperations () |
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ID |
Kreditinhaber |
Kooperationspartner |
Institution |
Laufzeit - von |
Laufzeit - bis |
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2743149 |
Berentsen, Aleksander |
Andolfatto, David |
Federal Reserve Bank of St. Louis and Simon Fraser University |
01.08.2013 |
31.07.2015 |
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2743152 |
Berentsen, Aleksander |
Waller, Christoph |
Federal Reserve Bank of St. Louis and University of Notre Dame |
01.08.2013 |
31.07.2015 |
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25/04/2024
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