Published October 19, 2017
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Some Remarks on Monetary Policy in an Overlapping Generations Model
- Creators
- Brock, William A.
- Scheinkman, Jose A.
Abstract
It is the purpose of this paper to show that certain results (derived from rational expectations monetary models where real balance services enter the utility function directly) —such as (1) an increase in the mean of the rate of growth of the money supply induces a welfare loss and (2) an increase in the variance of the rate of growth of the money supply may cause an increase in welfare—are not dependent upon the Friedman-Patinkin-Samuelson device of inserting real balances into the utility function.
Additional Information
We thank David Cass, Robert Lucas, Don Roper, Charles Wilson, Edward Sieper, the Economics Seminar at the University of California, Berkeley, and the participants of the Australian National University Economics Seminar, and the participants at the 1977 MSSB Conference at Dartmouth, New Hampshire, for extremely useful comments on this work. This research was supported by NSF Grant 74-19692. None of the above are responsible for errors or shortcomings contained herein.Attached Files
Submitted - sswp246.pdf
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Additional details
- Eprint ID
- 82463
- Resolver ID
- CaltechAUTHORS:20171018-142204396
- SOC74-19692
- NSF
- Created
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2017-10-19Created from EPrint's datestamp field
- Updated
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2019-10-03Created from EPrint's last_modified field
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 246