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- W2247328413 abstract "This paper is a study of money in overlapping generations models with cash-in-advance constraints. We first offer a brief review of different features of the cash-in-advance constraint. Then we propose a general formulation and study the neutrality of money. We show that both neutrality and equilibrium dynamics depend on the form of the cashin-advance constraint. We then show that optimal intergenerational resources sharing can be implemented through monetary transfers. Finally, we find that the Chicago Rule is implied by optimal monetary policy." @default.
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- W2247328413 date "1998-01-01" @default.
- W2247328413 modified "2023-09-27" @default.
- W2247328413 title "Cash-in-Advance Constraints in the Diamond Overlapping Generations Model: Neutrality and Optimality of Monetary Policies" @default.
- W2247328413 hasPublicationYear "1998" @default.
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