Stationary Inflation and Pareto Efficiency with Incomplete Markets and a Large Open Economy.

Stationary Inflation and Pareto Efficiency with Incomplete Markets and a Large Open Economy.

Hoelle, M. (2017): Stationary inflation and Pareto efficiency with incomplete markets and a large open economy, Economic Theory Bulletin, DOI: 10.1007/s40505-017-0128-1.

In a large open economy with pure exchange and incomplete markets, this paper characterizes necessary conditions under which monetary policies are compatible with Pareto efficiency.

» Economic Theory Bulletin link