All Outputs (2)

Why inside money matters (2007)
Journal Article

This note observes that in a simple infinite horizon economy with heterogeneous endowments and a cash-in-advance constraint fiat money can be used to implement a Pareto optimum only with type-specific taxation. By contrast, if credit contracts are en... Read More about Why inside money matters.

An idealized view of financial intermediation (2007)
Journal Article

We consider an environment where the general equilibrium assumption that every agent buys and sells simultaneously is relaxed. We show that fiat money can implement a Pareto optimal allocation only if taxes are type-specific. We then consider interme... Read More about An idealized view of financial intermediation.