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首页> 外文期刊>The BE Journal of Theoretical Economics >Optimal Monetary Policy in an Overlapping Generations Model with Search Theoretic Monetary Exchange
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Optimal Monetary Policy in an Overlapping Generations Model with Search Theoretic Monetary Exchange

机译：具有搜索理论货币交换的重叠世代模型中的最优货币政策

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摘要

It is well-known that in the monetary OLG models, a deviation from the Friedman rule can improve welfarernbecause it generates intergenerational wealth transfers; however, the rule becomes optimal if the age-specificrnlump-sum tax policy is available. We revisit the issue using a microfounded model of money with centralizedrnand decentralized markets. The individuals live for two periods. The young individuals work, receive wagernincome and hold money and capital in the centralized market. They also trade goods in the decentralizedrnmarkets either as a buyer or a seller. Only money is accepted as a means of payment in the decentralized markets.rnThe old individuals consume all their wealth in the centralized market. The quantity in the decentralized marketrnnegatively depends on the seller’s wealth, because the marginal utility of consumption in the centralized marketrnis diminishing, but the buyer takes it as exogenous. Therefore, the equilibrium wealth exceeds the sociallyrnoptimal level under the Friedman rule. A positive nominal interest rate makes money holdings costly, reducesrnwealth and improves welfare, even if the government optimally uses the age-specific tax.
机译：众所周知，在货币OLG模型中，背离弗里德曼规则可以改善福利，因为它产生了代际财富转移。但是，如果可以使用针对特定年龄的总和税收政策，则该规则将变为最佳。我们使用具有集中式和分散式市场的微观微观货币模型来重新审视这一问题。个人生活两个时期。这些年轻人在集中市场上工作，赚取工资收入并持有金钱和资本。他们还以买方或卖方的身份在分散市场中交易商品。在分散市场中，只有钱被接受作为支付手段。rn老年人在集中市场中消耗了所有财富。分散市场中的数量负面地取决于卖方的财富，因为中央市场中的边际消费效用递减，而买方则认为它是外生的。因此，在弗里德曼规则下，均衡财富超过了社会最优水平。即使政府最佳地使用了针对年龄的税收，正的名义利率也会使持有货币的成本变得昂贵，减少财富并改善福利。

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