Essays on monetary theory

In this thesis, we use mechanism design approach in order to study economies in which optimal mechanism bears some resemblance to actual monetary system. More precisely, we study optimal monetary policy in models in which either: money is essential, or, money and bonds are coessential. In the first...

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Detalhes bibliográficos
Autor: Teles, Caio Augusto Colnago
Formato: tesis doctoral
Estado:Versión publicada
Fecha de publicación:2017
País:Brasil
Recursos:Fundação Getulio Vargas (FGV)
Repositorio:Repositório Institucional do FGV (FGV Repositório Digital)
Idioma:inglés
OAI Identifier:oai:repositorio.fgv.br:10438/20190
Acesso em linha:https://hdl.handle.net/10438/20190
Access Level:acceso abierto
Palavra-chave:Money
Monetary policy
Inflation
Mechanism design
Inside money
Política monetária
Inflação
Moeda
Economia
Descrição
Resumo:In this thesis, we use mechanism design approach in order to study economies in which optimal mechanism bears some resemblance to actual monetary system. More precisely, we study optimal monetary policy in models in which either: money is essential, or, money and bonds are coessential. In the first chapter, we study an optimal intervention in a model of outside money. Next, we extend the model to include bonds and interpret its role. Finaly, the last chapter we discuss the problems with the usual modeling aproach to monetary policy transition and its implications.