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Ramsey-Friedman Optimality with Banking Time

Gillman, Max and Yerokhin, Oleg 2005. Ramsey-Friedman Optimality with Banking Time. Topics in Macroeconomics 5 (1) , 16. 10.2202/1534-5998.1137

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Abstract

This paper conducts a Ramsey analysis within an endogenous growth cash-in-advance economy with policy commitment. Credit and money are alternative payment mechanisms that act as inputs into the household production of exchange. The credit is produced with a diminishing returns technology with Inada conditions that implies along the balanced-growth path a degree one homogeneity of effective banking time. This tightens the restrictions found within shopping time economies while providing a production basis for the Ramsey-Friedman optimum that suggests a special case of Diamond and Mirrlees (1971).

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
Uncontrolled Keywords: Inflation; credit production; optimal taxation; banking time
Publisher: de Gruyter
ISSN: 1534-5998
Last Modified: 19 Mar 2016 23:10
URI: https://orca.cardiff.ac.uk/id/eprint/41288

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