Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/230468
Authors: 
Maeda, Daiki
Year of Publication: 
2019
Series/Report no.: 
ISER Discussion Paper No. 1062
Abstract: 
Based on findings in the behavioral economics literature, we incorporate non-unitary discounting into a monetary search model to study optimal monetary policy. We apply non-unitary discounting, that is, discount rates that are different across goods. With this extension to the model, we find that there are cases where optimal monetary policy deviates from the Friedman rule.
Subjects: 
Non-unitary discounting
Search
Friedman rule
JEL: 
E52
E70
Document Type: 
Working Paper

Files in This Item:
File
Size
109.37 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.