A price discrimination analysis of monetary policy
by John B. Bryant
"Monetary policy is analyzed within a model that ignores transaction costs and appeals solely to legal restrictions on private intermediation to explain the coexistence of currency and interest-bearing default-free bonds. The interaction between such legal restrictions and monetary policy is illustrated in versions of overlapping generations models that contain three assets: government-issued currency and bonds and real capital. It is shown that legal restrictions and the use of both currency and bonds permit the government to levy a discriminatory inflation tax and that such a tax may be better in terms of the Pareto criterion than a uniform inflation tax"--Federal Reserve Bank of Minneapolis web site.
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Monetary policy, Econometric models| Edition | Availability |
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A price discrimination analysis of monetary policy
1983, Federal Reserve Bank of Minneapolis
electronic resource /
in English
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Title from PDF file as viewed on 10/16/2007.
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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