Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/80184
Authors: 
Turner, Sergio
Tumennasan, Norovsambuu
Year of Publication: 
2006
Series/Report no.: 
Working Paper, Brown University, Department of Economics 2006-04
Abstract: 
We show that for generic economies, every equilibrium admits Pareto improving monetary policy, even with multiple commodities per state. The main assumption is that asset incompleteness be intermediate, in that household heterogeneity does not exceed the number of assets present and absent. We argue this as a special case of the general framework in Turner (2003b) for proving the generic existence of Pareto improving taxes.
Subjects: 
Pareto improvement
Slutsky
monetary
incomplete
generic
JEL: 
D52
D61
E52
Document Type: 
Working Paper

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