Optimal Allocations under the Friedman Rule
Implementing the Friedman rule
... the Friedman Rule by Peter ...Pareto optimal allocations place restrictions only on the very long-run, or asymptotic, behavior of the money ...the Friedman rule if its actions ...
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Understanding the Roles of Money, or When is the Friedman Rule Optimal, and Why?
... the Friedman Rule uniquely and simultaneously addresses both the rate-of-return issue and the perceived net income ...issue. Under the simulator regime, the government effectively endows each ...
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The role of money in two alternative models: When is the Friedman rule optimal, and why?
... consumers. Under the Friedman rule, the insurance is complete: both groups of old consumers face a return rate of ...the Friedman-rule rate, the insurance becomes incomplete: old con- ...
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The Role of Money in Two Alternative Models: When is the Friedman Rule Optimal, and Why?
... conditions under which money is acquired and held as similar as possible to those of monetary ILRA ...net. Under our simulator regime, each two- period-lived consumer receives a lump-sum transfer when it is ...
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The Friedman rule in today’s perspective
... even under consideration of external effects the standard literature contests a significant gap between actual inflation targets and optimal rates as suggested by ...the Friedman rule becomes ...
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The Friedman rule and inflation targeting
... model under which monetary policy is determined by minimising a loss function defined in terms of the squared difference between the targeted rate of inflation and the actual inflation ...the optimal ...
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The Friedman rule and inflation targeting
... the optimal control for the rate of increase in the money supply will be a linear function of the difference between the current rate of inflation and the targeted inflation ...conditions under which the ...
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Heterogeneity, redistribution, and the Friedman rule
... case. Indeed, our main contribution is to offer one common explanation to account for the shared monetary policy results. An key characteristic of the models we considered is that agents have heterogenous money holding. ...
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The Friedman rule: Old and new $
... the optimal money ...of Friedman rule, this is not necessarily the case for cash-in-advance-constraint models of ...models Friedman rule is optimal, it is not ...
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Credit, Externalities, and Nonoptimality of the Friedman Rule
... 3.2. Numerical Example We verify this result by numerical simulations. The model is annual. The discount factor is β = 0.96, which implies that the real interest rate is four percent. The relative risk aversion is σ = 2, ...
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Cartel Stability under an Optimal Sharing Rule
... The optimal sharing rule introduced in this paper guarantees that a coalition will in fact be internally stable, whenever it is at all possible to stabilise the ...that, under optimal sharing, ...
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Optimal negligence rule under limited liability
... 2 The previous literature As we mentioned in the introduction, our paper adds to the already long literature on judgement- proofness. The earliest Law and Economics literature on limited assets and accident Law arises ...
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www.vanderbilt.edu/econ COSTLY INTERMEDIATION AND THE FRIEDMAN RULE
... the optimal size of the financial sector. I show that the optimal policy (that includes government loans or a transfer to the young) will crowd out costly private lending and ...the optimal policy is ...
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Sub-Optimality of the Friedman Rule with Distorting Taxes
... 4 Alternative Paths for Real Transfers The optimal tax policy depends on the way transfers are introduced. There are two interesting possibilities for the path of transfers, either real transfers adjusted for all ...
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Nonoptimality of the Friedman Rule with Capital Income Taxation
... the optimal tax configuration discovered here is imputable to the invalidity of the Diamond and Mirrlees (1971) intermediate good result when there are limitations to the optimal tax setting, as has been ...
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An Optimal Rule for Patent Damages Under Sequential Innovation
... the optimal linear rule for patent infringement damages under sequential ...this rule often secures substantially higher welfare than common rules like the LP rule and the UE ...
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An Optimal Rule for Patent Damages Under Sequential Innovation
... analyzes optimal patent protection, focusing on issues such as the optimal strength and breadth of ...(LP) rule and the unjust enrichment (UE) ...the optimal design of patent damage rules ...
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Efficient Allocations under Ambiguity
... Pareto optimal allocations are quite strong; much more so than the conditions for no individual risk established by Rigotti, Shannon and Strzalecki [28] in the case of no aggregate ...of optimal risk ...
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Heterogeneity, monetary policy, Mirrleesian taxes, and the Friedman rule
... This paper has modeled an OLG economy à la Samuelson (1958) with money wherein cash holdings are rationalized by a version of the Clower cash-in-advance constraint. A distinguishing feature of the model is that it has ...
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Negotiating Socially Optimal Allocations of Resources with Argumentation
... a rule are proved, the rule can be applied, the conclusion of the rule can be derived and will continue to hold no matter no matter how many new premises are added (even to the point where they form ...
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