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    Sub-Optimality of the Friedman Rule in Townsend's Turnpike and Limited Communication Models of money: Do finite lives and initial dates matter?

    Bhattacharya, Joydeep
    Haslag, Joseph H.
    Martin, Antoine
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    [PDF] SubOptimalityFriedmanRule.pdf (206.7Kb)
    Date
    2004
    Format
    Working Paper
    Metadata
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    Abstract
    We construct an economy populated with infinitely-lived agents and show that the Friedman rule is suboptimal. We do that by showing that our economy and an overlapping generations model in which the Friedman rule is known to be suboptimal are homomorphic. We also discuss the importance of whether or not the economy has an initial date for this result.
    URI
    http://hdl.handle.net/10355/2648
    Part of
    Working papers (Department of Economics);WP 04-15
    Part of
    Economics publications
    Citation
    Department of Economics, 2004
    Collections
    • Economics publications (MU)

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