2005 | OriginalPaper | Buchkapitel
Central-Bank Interest-Rate Control in a Cashless, Arrow-Debreu Economy
verfasst von : Neil Wallace
Erschienen in: Essays in Dynamic General Equilibrium Theory
Verlag: Springer Berlin Heidelberg
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A pure-exchange, competitive economy with date-specific units of account is studied. It differs from the standard pure-exchange model in having unit-of-account endowments. For such an economy, conditions are given for an outside agent, a central bank, to be able to control the nominal rate of interest. It can do so provided it has positive unit-of-account endowments. A more general outside agent that has a positive endowment of some good and positive unit-of-account endowments can select the time path of the price level.