Some benefits of cyclical monetary policy
Carregando...
Arquivos
Data
2005-10-01
Orientador(res)
Métricas
Título da Revista
ISSN da Revista
Título de Volume
Resumo
In this paper, we present a simple random-matching model of seasons, where di§erent seasons translate into di§erent propensities to consume and produce. We Önd that the cyclical creation and destruction of money is beneÖcial for welfare under a wide variety of circumstances. Our model of seasons can be interpreted as providing support for the creation of the Federal Reserve System, with its mandate of supplying an elastic currency for the nation.