Quasi-geometric discounting in cash-in-advance economy

Autor:	Daiki Maeda
Rok vydání:	2018
Předmět:	Economics and Econometrics Discounting General equilibrium theory Applied Mathematics media_common.quotation_subject 05 social sciences Constraint (information theory) Economy Cash 0502 economics and business Economics Dynamic inconsistency 050207 economics Optimal growth Preference (economics) 050205 econometrics media_common
Zdroj:	Journal of Mathematical Economics. 79:51-56
ISSN:	0304-4068
DOI:	10.1016/j.jmateco.2018.09.004
Popis:	This paper develops a dynamic general equilibrium model in which households have a preference of quasi-geometric discounting, as in Krusell et al. (2002), and face a cash-in-advance constraint. Through this extension, we show that this economy engages in over-saving, although households have present bias, and the optimal growth rate of money when there is present bias is lower than one when there is not.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::ca8afff186773761b9e88bb4bd186ad4 https://doi.org/10.1016/j.jmateco.2018.09.004 Zobrazit plný text záznamu Full Text from ScienceDirect