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- W2170523972 abstract "We study the use of asset-backed money in a neoclassical growth model with illiquid capital. A mechanism is delegated control of productive capital 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 inflation necessary to implement the first-best allocation is above the Friedman rule and varies with capital wealth." @default.
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- W2170523972 date "2015-01-01" @default.
- W2170523972 modified "2023-09-26" @default.
- W2170523972 title "Monetary Policy with Asset-Backed Money" @default.
- W2170523972 doi "https://doi.org/10.2139/ssrn.2634505" @default.
- W2170523972 hasPublicationYear "2015" @default.
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