Money, Interest, and Capital in a Cash-In-Advance Economy
- 1 January 1988
- journal article
- Published by Board of Governors of the Federal Reserve System in International Finance Discussion Papers
- Vol. 1988.0 (323) , 1-47
- https://doi.org/10.17016/ifdp.1988.323
Abstract
A cash-in-advance constraint on consumption is incorporated into a standard model of consumption and capital accumulation. Monetary policy consists of lump-sum cash transfers. Methods are developed for establishing the existence and uniqueness of an equilibrium. and for explicitly constructing this equilibrium. The model economy's dependence on monetary policy is explored.Keywords
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