메뉴 건너뛰기




Volumn 51, Issue 6, 2004, Pages 1245-1269

Optimal monetary policy in an economy with incomplete markets and idiosyncratic risk

Author keywords

Friedman rule; Incomplete markets; Optimal inflation rate

Indexed keywords


EID: 4544367915     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmoneco.2003.09.005     Document Type: Article
Times cited : (31)

References (36)
  • 1
    • 21844504524 scopus 로고
    • Uninsured idiosyncratic risk and aggregate saving
    • S.R. Aiyagari Uninsured idiosyncratic risk and aggregate saving Quarterly Journal of Economics 109 1994 659-684
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 659-684
    • Aiyagari, S.R.1
  • 2
    • 0007121177 scopus 로고
    • Optimal capital income taxation with incomplete markets, borrowing constraints, and constant discounting
    • Aiyagari S.R. Optimal capital income taxation with incomplete markets, borrowing constraints, and constant discounting Journal of Political Economy 103 1995 1158-1175
    • (1995) Journal of Political Economy , vol.103 , pp. 1158-1175
    • Aiyagari, S.R.1
  • 4
    • 0010792510 scopus 로고    scopus 로고
    • Money and dynamic credit arrangements under private information
    • S.R. Aiyagari S.D. Williamson Money and dynamic credit arrangements under private information Journal of Economic Theory 91 2000 248-279
    • (2000) Journal of Economic Theory , vol.91 , pp. 248-279
    • Aiyagari, S.R.1    Williamson, S.D.2
  • 6
    • 0002937057 scopus 로고
    • The optimum quantity of money
    • J.H. Kareken N. Wallace (Eds.) Federal Reserve Bank of Minneapolis Minneapolis, MN
    • T. Bewley The optimum quantity of money In: J.H. Kareken N. Wallace (Eds.) Models of Monetary Economies 1980 Federal Reserve Bank of Minneapolis Minneapolis, MN
    • (1980) Models of Monetary Economies
    • Bewley, T.1
  • 7
    • 0011544250 scopus 로고
    • A difficulty with the optimum quantity of money
    • T. Bewley A difficulty with the optimum quantity of money Econometrica 54 1983 1485-1504
    • (1983) Econometrica , vol.54 , pp. 1485-1504
    • Bewley, T.1
  • 10
  • 11
    • 0000942469 scopus 로고
    • The Inflation tax in a real business cycle model
    • T.F. Cooley G.D. Hansen The Inflation tax in a real business cycle model American Economic Review 79 1989 483-503
    • (1989) American Economic Review , vol.79 , pp. 483-503
    • Cooley, T.F.1    Hansen, G.D.2
  • 12
    • 0030268425 scopus 로고    scopus 로고
    • Is the Friedman rule optimal when money is an intermediate good?
    • I. Correia P. Teles Is the Friedman rule optimal when money is an intermediate good? Journal of Monetary Economics 38 1996 223-244
    • (1996) Journal of Monetary Economics , vol.38 , pp. 223-244
    • Correia, I.1    Teles, P.2
  • 13
    • 0040412750 scopus 로고    scopus 로고
    • Real returns on government debt: A general equilibrium quantitative exploration
    • J. Diaz-Gimenez E.C. Prescott Real returns on government debt: a general equilibrium quantitative exploration European Economic Review 41 1997 115-137
    • (1997) European Economic Review , vol.41 , pp. 115-137
    • Diaz-Gimenez, J.1    Prescott, E.C.2
  • 14
    • 0030078454 scopus 로고    scopus 로고
    • The welfare cost of inflation in general equilibrium
    • M. Dotsey P. Ireland The welfare cost of inflation in general equilibrium Journal of Monetary Economics 37 1996 29-47
    • (1996) Journal of Monetary Economics , vol.37 , pp. 29-47
    • Dotsey, M.1    Ireland, P.2
  • 15
  • 17
    • 4243088649 scopus 로고    scopus 로고
    • Evaluating the effects of incomplete markets on risk sharing and asset pricing
    • J. Heaton D. Lucas Evaluating the effects of incomplete markets on risk sharing and asset pricing Journal of Political Economy 104 1996 443-487
    • (1996) Journal of Political Economy , vol.104 , pp. 443-487
    • Heaton, J.1    Lucas, D.2
  • 19
    • 0001140573 scopus 로고
    • The risk-free rate in heterogenous agent incomplete-insurance economies
    • M. Huggett The risk-free rate in heterogenous agent incomplete-insurance economies Journal of Economic Dynamics and Control 17 1993 953-969
    • (1993) Journal of Economic Dynamics and Control , vol.17 , pp. 953-969
    • Huggett, M.1
  • 20
    • 0037615624 scopus 로고    scopus 로고
    • Aggregate precautionary savings: Is the third derivative irrelevant? Journal of Monetary Economics
    • M. Huggett S. Ospina Aggregate precautionary savings when is the third derivative irrelevant? Journal of Monetary Economics 48 2001 373-396
    • (2001) Journal of Monetary Economics , vol.48 , pp. 373-396
    • Huggett, M.1    Ospina, S.2
  • 24
    • 0004861530 scopus 로고
    • The Optimum quantity of money revisited
    • P. Dasgupta D. Gale O. Hart E. Maskin (Eds.) MIT Press Cambridge, MA
    • T.J. Kehoe D.K. Levine M. Woodford The Optimum quantity of money revisited In: P. Dasgupta D. Gale O. Hart E. Maskin (Eds.) Economic Analysis of Markets and Games 1992 MIT Press Cambridge, MA
    • (1992) Economic Analysis of Markets and Games
    • Kehoe, T.J.1    Levine, D.K.2    Woodford, M.3
  • 25
    • 38249039177 scopus 로고
    • The optimum quantity of money rule in the theory of public finance
    • K.P. Kimbrough The optimum quantity of money rule in the theory of public finance Journal of Monetary Economics 18 1986 277-284
    • (1986) Journal of Monetary Economics , vol.18 , pp. 277-284
    • Kimbrough, K.P.1
  • 26
    • 0000949426 scopus 로고
    • Inflation employment, and welfare in the presence of transaction costs
    • K.P. Kimbrough Inflation employment, and welfare in the presence of transaction costs Journal of Money, Credit, and Banking 18 1986 127-140
    • (1986) Journal of Money, Credit, and Banking , vol.18 , pp. 127-140
    • Kimbrough, K.P.1
  • 28
    • 0037612019 scopus 로고    scopus 로고
    • Societal benefits of illiquid bonds
    • N. Kocherlakota Societal benefits of illiquid bonds Journal of Economic Theory 108 2003 179-193
    • (2003) Journal of Economic Theory , vol.108 , pp. 179-193
    • Kocherlakota, N.1
  • 29
    • 0032451887 scopus 로고    scopus 로고
    • Income and wealth heterogeneity in the macroeconomy
    • P. Krusell A.A. Smith Income and wealth heterogeneity in the macroeconomy Journal of Political Economy 106 1998 86- 896
    • (1998) Journal of Political Economy , vol.106 , pp. 867-896
    • Krusell, P.1    Smith, A.A.2
  • 30
    • 0002226230 scopus 로고
    • Optimal fiscal and monetary policy in an economy without capital
    • R.E. Lucas N. Stokey Optimal fiscal and monetary policy in an economy without capital Journal of Monetary Economics 12 1983 55-93
    • (1983) Journal of Monetary Economics , vol.12 , pp. 55-93
    • Lucas, R.E.1    Stokey, N.2
  • 32
    • 0005655042 scopus 로고    scopus 로고
    • The sub-optimality of the Friedman rule and the optimum quantity of money, 2000
    • Mimeo, Stanford University
    • Paal B. Smith B.D. The sub-optimality of the Friedman rule and the optimum quantity of money, 2000 Mimeo, Stanford University 2000
    • (2000)
    • Paal, B.1    Smith, B.D.2
  • 33
    • 0002273422 scopus 로고
    • Inflation in the theory of public finance
    • E.S. Phelps Inflation in the theory of public finance Swedish Journal of Economics 75 1973 67-82
    • (1973) Swedish Journal of Economics , vol.75 , pp. 67-82
    • Phelps, E.S.1
  • 34
    • 85024626203 scopus 로고
    • Redistributive taxation as social insurance
    • H.R. Varian Redistributive taxation as social insurance Journal of Public Economics 14 1980 49-68
    • (1980) Journal of Public Economics , vol.14 , pp. 49-68
    • Varian, H.R.1
  • 35
    • 0030163082 scopus 로고    scopus 로고
    • Sequential markets and the suboptimality of the Friedman rule
    • S.D. Williamson Sequential markets and the suboptimality of the Friedman rule Journal of Monetary Economics 37 1996 549-572
    • (1996) Journal of Monetary Economics , vol.37 , pp. 549-572
    • Williamson, S.D.1
  • 36
    • 0000728356 scopus 로고
    • The optimum quantity of money
    • B.M. Friedman F.H. Hahn (Eds.) North-Holland Amsterdam
    • M. Woodford The optimum quantity of money In: B.M. Friedman F.H. Hahn (Eds.) The Handbook of Monetary Economics vol. 2 1990 North-Holland Amsterdam
    • (1990) The Handbook of Monetary Economics , vol.2
    • Woodford, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.