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原文連結
論文資訊
- 類型：已發表論文
- 日期：2014-03-01
摘要
We prove the existence of stationary monetary equilibrium with inflation in a "Bewley" model with constant aggregate real variables but with idiosyncratic shocks to the endowments of a continuum of individual 智能體s, when a central bank stands ready to borrow or lend fiat money at a fixed nominal rate of interest and the 智能體s face borrowing constraints. We also find that, in the presence of real micro uncertainty about individual endowments, the rate of inflation is higher (equivalently, the real rate of interest is lower) than it would be in a "certainty-equivalent economy"; to wit, one in which every 智能體's endowment is replaced by its expected value. Thus, underlying micro經濟 uncertainty and borrowing constraints are shown to generate additional inflation.
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