Money Growth, Dynamic Efficiency and Asset Bubbles in a Perpetual Youth Model

Gianluca Femminis

doi:10.1016/j.econlet.2015.11.029

Money Growth, Dynamic Efficiency and Asset Bubbles in a Perpetual Youth Model

Risultato della ricerca: Contributo in rivista › Articolo in rivista › peer review

Abstract

We consider a perpetual youth model in which real balances are an argument of the utility function. We show that dynamic efficiency is compatible with a positive inflation rate, and that the higher inflation, the larger is the size of the bubble required to remove the inefficiency.

Lingua originale	English
pagine (da-a)	68-71
Numero di pagine	4
Rivista	Economics Letters
Volume	2016/138
DOI	https://doi.org/10.1016/j.econlet.2015.11.029
Stato di pubblicazione	Pubblicato - 2016

Keywords

Asset bubbles, dynamic inefficiency, money growth

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10.1016/j.econlet.2015.11.029

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abstract = "We consider a perpetual youth model in which real balances are an argument of the utility function. We show that dynamic efficiency is compatible with a positive inflation rate, and that the higher inflation, the larger is the size of the bubble required to remove the inefficiency.",

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KW - Asset bubbles, dynamic inefficiency, money growth

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DO - 10.1016/j.econlet.2015.11.029

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JF - Economics Letters

ER -

Money Growth, Dynamic Efficiency and Asset Bubbles in a Perpetual Youth Model

Abstract

Keywords

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