Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/126586 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Working Paper No. 198
Verlag: 
University of Zurich, Department of Economics, Zurich
Zusammenfassung: 
We study the use of asset-backed money in a neoclassical growth model with illiquid capital. A mechanism is delegated control of productive capi- tal and issues claims against the revenue it earns. These claims constitute a form of asset-backed money. The mechanism determines (i) the number of claims outstanding, (ii) the dividends paid to claim holders, and (iii) the structure of redemption fees. We find that for capital-rich economies, the first-best allocation can be implemented and price stability is optimal. However, for sufficiently capital-poor economies, achieving the first-best allocation requires a strictly positive rate of inflation. In general, the minimum infiation necessary to implement the first-best allocation is above the Friedman rule and varies with capital wealth.
Schlagwörter: 
Limited Commitment
Asset-Backed Money
Optimal Monetary Policy
JEL: 
D82
D83
E61
G32
Dokumentart: 
Working Paper

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