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1、Chapter26Fiscal-MonetaryTheoriesofIn?ation26.1.TheissuesThischapterintroducessomeissuesinmonetarytheorythatmostlyrevolvearoundcoordinatingmonetaryand?scalpolicies.Westartfromtheobserva-tionthatcompletemarketsmodelshavenoroleforinconvertiblecurrency,andthereforeassig
2、nzerovaluetoit.1Wedescribeonewaytoalteracompletemar-ketseconomysothatapositivevalueisassignedtoaninconvertiblecurrency:weimposeatransactiontechnologywithshoppingtimeandrealmoneybalancesasinputs.2Weusethemodeltoillustrate10doctrinesinmonetaryeconomics.Mostofthesedoct
3、rinestranscendmanyofthedetailsofthemodel.Theim-portantthingaboutthetransactionstechnologyisthatitmakesdemandforcurrencyadecreasingfunctionoftherateofreturnoncurrency.Ourmonetarydoctrinesmainlyemergefrommanipulatingthatdemandfunctionandthegov-ernment’sintertemporalbu
4、dgetconstraintunderalternativeassumptionsaboutgovernmentmonetaryand?scalpolicy.31Incompletemarketsmodels,moneyholdingswouldonlyserveasastoreofvalue.Thefollowingtransversalityconditionwouldholdinanonstochasticeconomy:T ?1?1mT+1limR=0.T→∞tpTt=0Therealreturnonmoney,pt/
5、pt+1,wouldhavetoequalthereturnRtonotherassets,which,substitutedintothetransversalitycondition,yieldsT ?1pt+1mT+1mT+1lim=lim=0.T→∞ptpTT→∞p0t=0Thatis,aninconvertiblemoney(i.e.,oneforwhichlimT→∞mT+1>0)mustbevalueless,p0=∞.2SeeBennettMcCallum(1983)foranearlyshoppingtime
6、speci?cation.3Manyofthedoctrineswereoriginallydevelopedinsetupsdi?eringindetailsfromtheoneinthischapter.–1045–1046Fiscal-MonetaryTheoriesofIn?ationAfterdescribingour10doctrines,weusethemodeltoanalyzetwoimportantissues:thevalidityofFriedman’sruleinthepresenceofdistor
7、tingtaxation,anditssustainabilityinthefaceofatimeconsistencyproblem.Here,weusethemethodsforsolvinganoptimaltaxationproblemwithcommitmentinchapter16,andforcharacterizingacrediblegovernmentpolicyinchapter23.26.2.AshoppingtimemonetaryeconomyConsideranendowmenteconomywi
8、thnouncertainty.Arepresentativehouse-holdhasoneunitoftime.Thereisasinglegoodofconstantamounty>0eachperiodt≥0.Thegoodcanbedividedbetweenpri
