Brock, William A. and Scheinkman, Jose A. (1979) Some Remarks on Monetary Policy in an Overlapping Generations Model. Social Science Working Paper, 246. California Institute of Technology , Pasadena, CA. (Unpublished) http://resolver.caltech.edu/CaltechAUTHORS:20171018-142204396
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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.
| Item Type: | Report or Paper (Working Paper) | ||||
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| 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. | ||||
| Group: | Social Science Working Papers | ||||
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| Record Number: | CaltechAUTHORS:20171018-142204396 | ||||
| Persistent URL: | http://resolver.caltech.edu/CaltechAUTHORS:20171018-142204396 | ||||
| Usage Policy: | No commercial reproduction, distribution, display or performance rights in this work are provided. | ||||
| ID Code: | 82463 | ||||
| Collection: | CaltechAUTHORS | ||||
| Deposited By: | Jacquelyn Bussone | ||||
| Deposited On: | 19 Oct 2017 18:45 | ||||
| Last Modified: | 19 Oct 2017 18:45 |
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