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The paper on Inflation tax and inflation subsidy is forthcoming in the Journal of Applied Economics. The paper presents a model of a competitive economy with financial intermediaries where properly applied money injections can increase stationary state output and have positive dynamic effects.
The paper on Stochastic working capital has firms that face idiosyncratic shocks and have risk averse managers. This produces a financial market in which banks hold reserves against firm failure.
The paper on money and growth uses the financial system of inflation tax and inflation subsidy in an endogenous growth model
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