کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
967916 931421 2008 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Efficiency improvement from restricting the liquidity of nominal bonds
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Efficiency improvement from restricting the liquidity of nominal bonds
چکیده انگلیسی

In a monetary search model with nominal bonds, agents face matching/taste shocks but they cannot insure, borrow or trade against such shocks. A government imposes a legal restriction that prohibits bonds from being used to buy a subset of goods. I show that this legal restriction can increase the society's welfare. In contrast to the literature, this efficiency role persists in the steady state and even when the households cannot trade assets after receiving the shocks. Moreover, it can exist when the Friedman rule is available and when the restriction is only obeyed by government agents.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Monetary Economics - Volume 55, Issue 6, September 2008, Pages 1025–1037
نویسندگان
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