Accession Number : AD0716448

Title :   Money and Growth under Uncertainty.

Descriptive Note : Technical rept.,

Corporate Author : HARVARD UNIV CAMBRIDGE MASS

Personal Author(s) : Gevers,Louis

Report Date : OCT 1970

Pagination or Media Count : 117

Abstract : The paper discusses the welfare implications of monetary policy in a general equilibrium neoclassical growth framework. Conditions are discussed in which individuals face uncertainty in their own production processes and therefore have a portfolio demand for money as a safe asset. When individuals cannot trade risks, a Pareto efficient allocation is described which may still be approximated by government action which creates money and sets up a suitable taxsubsidy policy. (Author)

Descriptors :   (*ECONOMICS, UNCERTAINTY), (*MONEY, DECISION MAKING), (*BEHAVIOR, MATHEMATICAL MODELS), PRODUCTION, CONSUMPTION, EQUILIBRIUM(PHYSIOLOGY), GROWTH(PHYSIOLOGY), MANAGEMENT ENGINEERING, PROBABILITY, INTEGRAL EQUATIONS, THESES

Subject Categories : Economics and Cost Analysis

Distribution Statement : APPROVED FOR PUBLIC RELEASE