Department of Economics

Faculty of Arts and Social Sciences

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Seminar - Upcoming

   
 
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2013 Asia Summer Institute in Behavioral Economics
Asian Meeting of the Econometric Society 2013
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Department Seminar

Topic:

A Tractable Monetary Model under General Preference

Speaker:

Russell Wong
Bank of Canada
Date: May 10, Tue
Time: 4 - 5:30 pm

Venue: Lim Tay Boh Seminar Room (AS2 03-12)
National University of Singapore
1 Arts Link, Singapore 117570


Chair:

Serene Tan

Abstract:

This paper studies an economy with both centralised and decentralised monetary exchanges under search frictions. A degenerate asset distribution is featured under a broad class of preferences including, for example, constant return to scale, constant elasticity of substitution, CARA and others from a range of macroeconomic literatures. Some novel applications impossible under quasi-linear preferences, for example endogenous growth, are illustrated under this class of preferences. This paper …finds that the welfare cost and growth loss of in‡flation can be much higher in these applications than previous estimates.