ASSET TRADING MECHANISMS AND EXPANSIONARY POLICY

被引：63

作者：

LEVINE, DK

机构：

[1] UNIV MINNESOTA,MINNEAPOLIS,MN 55455

[2] FED RESERVE BANK MINNEAPOLIS,MINNEAPOLIS,MN

来源：

JOURNAL OF ECONOMIC THEORY | 1991年 / 54卷 / 01期

基金：

美国国家科学基金会;

关键词：

D O I：

10.1016/0022-0531(91)90110-P

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Previous authors have argued that the otimal monetary policy is contractionary. If buyers value consumption substantially more than sellers, there is some randomness and informational constraints make asset trading useful, we show that there is an incentive compatible expansionary policy that dominates all incentive compatible contractionary policies. © 1991.

引用

页码：148 / 164

页数：17

共 23 条

[1]

Arrow Kenneth J., 1974, ESSAYS THEORY RISK B

[2] A DIFFICULTY WITH THE OPTIMUM QUANTITY OF MONEY [J].