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SSRN Electronic Journal, 2000 Summary: Optimal monetary policy maximizes the welfare of a representative agent, given frictions in the economic environment. Constructing a model with two sets of frictions --- costly price adjustment by imperfectly competitive firms and costly exchange of wealth for goods --- we find optimal monetary policy is governed by two familiar principles ...
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Journal of the Staple Inn Actuarial Society, 1953
The proper functioning of a present-day economic system is dependent upon money and prices. This is particularly the case when a large part of the economy is based on private enterprise.For many years economic text-books have stated the three functions of money to be (1) a means of payment, (2) a store of value and (3) a unit of account.
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The proper functioning of a present-day economic system is dependent upon money and prices. This is particularly the case when a large part of the economy is based on private enterprise.For many years economic text-books have stated the three functions of money to be (1) a means of payment, (2) a store of value and (3) a unit of account.
openaire +1 more source