Accession Number:

AD0716448

Title:

Money and Growth under Uncertainty.

Descriptive Note:

Technical rept.,

Corporate Author:

HARVARD UNIV CAMBRIDGE MASS

Personal Author(s):

Report Date:

1970-10-01

Pagination or Media Count:

117.0

Abstract:

The paper discusses the welfare implications of monetary policy in a general equilibrium neoclassical growth framework. Conditions are discussed in which individuals face uncertainty in their own production processes and therefore have a portfolio demand for money as a safe asset. When individuals cannot trade risks, a Pareto efficient allocation is described which may still be approximated by government action which creates money and sets up a suitable taxsubsidy policy. Author

Subject Categories:

  • Economics and Cost Analysis

Distribution Statement:

APPROVED FOR PUBLIC RELEASE