000			01794cam a22003017 4500
001			w2136
003			NBER
005			20211020115047.0
006			m o d
007			cr cnu||||||||
008			210910s1987 mau fo 000 0 eng d
100	1		_aAbel, Andrew B. _94411
245	1	0	_aOptimal Monetary Growth / _cAndrew B. Abel.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1987.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w2136
500			_a1987.
520	3		_aIn the absence of monetary superneutrality, inflation affects capital accumulation and the demand for real balances. This paper derives the combination of monetary and lump-sum fiscal policy which maximizes the sum of discounted utilities of representative consumers in present and future generations. Under the optimal policy package, the steady state has a zero nominal interest rate and has monetary contraction at the rate of intergenerational discount. As the rate of intergenerational discount rate approaches zero, optimal policy maximizes steady state utility of the representative consumer. In this case, the optimal steady state is characterized by a constant nominal money supply.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w2136.
856	4	0	_uhttps://www.nber.org/papers/w2136
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w2136
942			_2ddc _cW-PAPER
999			_c346410 _d304972