R. J. Hodrick, N. Kocherlakota and D. Lucas, “The Variability of Velocity in Cash-in-Advance Models,” Journal of Political Economy, Vol. 99, No. 2, 1991, pp. 358-384. - References

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R. J. Hodrick, N. Kocherlakota and D. Lucas, “The Variability of Velocity in Cash-in-Advance Models,” Journal of Political Economy, Vol. 99, No. 2, 1991, pp. 358-384.

has been cited by the following article:

TITLE: Credit, Externalities, and Nonoptimality of the Friedman Rule

AUTHORS: Keiichiro Kobayashi, Masaru Inaba, Kengo Nutahara

KEYWORDS: Externalities; Cash-Credit Model; Monetary Policy; Friedman Rule

JOURNAL NAME: Theoretical Economics Letters, Vol.2 No.2, May 24, 2012

ABSTRACT: We construct a cash-credit model with positive externalities in the production of credit goods. It is shown that under suitable conditions, the Friedman rule is not optimal and there exists an optimal nominal interest rate that maximizes the social welfare and output. This is because increasing the nominal interest rate improves sectoral misallocations caused by externalities in our economy.