The Optimal Rate of Money Creation in an Overlapping Generations Model : Numerical Simulations for the U.S. Economy

Numerical Simulations for the U.S. Economy

The Optimal Rate of Money Creation in an Overlapping Generations Model : Numerical Simulations for the U.S. Economy
This paper develops a large scale overlapping generations model and calibrates it for the U.S. economy. Simulations with the model show that the steady state welfare maximizing inflation rate may be positive, although the numerical results are not robust. It is also shown, however, that increases in the inflation rate are never Pareto efficient... READ MORE...

Publication date: May 1992
ISBN 9781451977776
$15.00

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