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- W94740634 abstract "This paper studies the roles of tax-subsidy schemes in money search models with divisible money. Recently, real indeterminacy of stationary equilibria has been found both in specific and general search models with divisible money. In the literature, the welfare effect of monetary policy has often been discussed in search models with money. In most of these models, money is indivisible and the stationary equilibria are determinate. Thus the effects of the policies are determinate as well. However, if we assume the divisibility of money in these models, the stationary equilibria become indeterminate. Thus it is quite difficult to make accurate predictions of the effects of simple monetary policies in such models. Instead, in this paper we show that some tax-subsidy scheme selects a determinate efficient equilibrium. In other words, for a given efficient equilibrium, there exists a tax-subsidy scheme that makes the equilibrium locally determinate." @default.
- W94740634 created "2016-06-24" @default.
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- W94740634 date "2004-01-01" @default.
- W94740634 modified "2023-10-02" @default.
- W94740634 title "Tax-Subsidy Schemes in Money Search Models ∗" @default.
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