A price discrimination analysis of monetary policy
By: John Bryant and Neil Wallace
Contributors: Wallace, Neil
Series: Federal Reserve Bank of Minneapolis, Research Department staff report -- 51; Staff report (Federal Reserve Bank of Minneapolis. Research Department : Online) -- 51.
Publisher: Federal Reserve Bank of Minneapolis
Published: 1983
Place of publication: Minneapolis, Minn.]
Language: eng
Format: [electronic resource] /
Subjects: Monetary policy; Econometric models
Description: "Monetary policy is analyzed within a model that ignores transaction costs and appeals solely to legal restrictions on private intermediation to explain the coexistence of currency and interest-bearing default-free bonds.  The interaction between such legal restrictions and monetary policy is illustrated in versions of overlapping generations models that contain three assets: government-issued currency and bonds and real capital.  It is shown that legal restrictions and the use of both currency and bonds permit the government to levy a discriminatory inflation tax and that such a tax may be better in terms of the Pareto criterion than a uniform inflation tax"--Federal Reserve Bank of Minneapolis web site.
Notes: Title from PDF file as viewed on 10/16/2007.

Includes bibliographical references.

Also available in print.

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Mode of access: World Wide Web.