Browsing Department of Economics (MU) 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?
(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 ...