Inside-outside money competition
By: Pedro Teles, Ramon Marimon, Juan Pablo Nicolini.
Contributors: Marimon, Ramon, 1953-; Nicolini, Juan Pablo.
Series: Working paper series ;; WP-2003-09; Working paper series (Federal Reserve Bank of Chicago. Research Dept. : Online) ;; WP-2003-09.
Publisher: Federal Reserve Bank of Chicago
Published: 2003
Place of publication: [Chicago, Ill.]
Language: eng
Format: Electronic resource
Description: "We study how competition from privately supplied currency substitutes affects monetary equilibria.  Whenever currency is inefficiently provided, inside money competition plays a disciplinary role by providing an upper bound on equilibrium inflation rates.  Furthermore, if Furthermore, if 'inside monies' can be produced at a sufficiently low cost, outside money is driven out of circulation.  Whenever a 'benevolent' government can commit to its fiscal policy, sequential monetary policy is efficient and inside money competition plays no role"--Federal Reserve Bank of Chicago web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 10/4/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.