Browsing by Title "Working papers (Department of Economics);WP 03-01"

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  • Understanding the Roles of Money, or When is the Friedman Rule Optimal, and Why? 

    Bhattacharya, Joydeep; Haslag, Joseph H.; Russell, Steven (Department of Economics, 2002)
    In this paper, we study the optimal steady state monetary policy in overlapping generations (OG) models. In contrast to economies populated by infinitely-lived representative agents (ILRA), the Friedman Rule is frequently ...