• Medientyp: E-Book
  • Titel: Time-Consistent Private Supply of Outside Paper Money
  • Beteiligte: Berentsen, Aleksander [VerfasserIn]
  • Erschienen: [S.l.]: SSRN, 2004
  • Umfang: 1 Online-Ressource (25 p)
  • Sprache: Englisch
  • DOI: 10.2139/ssrn.420162
  • Identifikator:
  • Entstehung:
  • Anmerkungen: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 2003 erstellt
  • Beschreibung: This paper considers a monopolist's supply of outside paper money in a random-matching model with divisible money and divisible goods. When binding supply announcements are feasible, the revenue-maximizing policy is characterized by an initial period where the monopolist initiates a currency reform which destroys the value of any old currency, and then issues new money, which the issuer taxes thereafter with a constant gross growth rate of money. It is shown that this policy is time-consistent if the trading history of the issuer is public information and if money demanders respond to the relevation of defection by playing autarky
  • Zugangsstatus: Freier Zugang