Logo
Munich Personal RePEc Archive

A comment on: 'Efficient propagation of shocks and the optimal return on money'

Huang, Pidong (2012): A comment on: 'Efficient propagation of shocks and the optimal return on money'. Published in: Journal of Economic theory , Vol. 147, No. 1 (2012)

[thumbnail of MPRA_paper_46621.pdf]
Preview
PDF
MPRA_paper_46621.pdf

Download (128kB) | Preview

Abstract

Lotteries are introduced into Cavalcanti and Erosa (2008) [2], a version of Trejos and Wright (1995) [4] with aggregate shocks. Lotteries improve welfare and eliminate the two notable features of the optimum with deterministic trades: over-production and history-dependence. Moreover, the optimum can be supported by buyer take-it-or-leave-it offers.

Atom RSS 1.0 RSS 2.0

Contact us: mpra@ub.uni-muenchen.de

This repository has been built using EPrints software.

MPRA is a RePEc service hosted by Logo of the University Library LMU Munich.