【主讲】Tao Zhu 副教授 (香港科技大学)
【主题】Why does money coexist with bonds?
【时间】2012年10月26日 (周五) 15：30-17：00
【地点】上海财经大学经济学院楼701室
【语言】英文
【摘要】A mechanism-design approach is applied to coexistence of money and risk-free government bonds. Coexistence emerges in an equilibrium that is not only immune to coalition defection in each pairwise meeting but also, when by investing on some costly technique the planner can be equipped with some minimal implementation capacity, immune to renegotiation in each meeting. More significantly, it is shown that coexistence can be desirable because the interest-generating bonds alter the nominal distribution of wealth in a way that insures agents being short of nominal-income inflow opportunity (before the distribution is measured). As demonstrated in an overlapping-generations model with search, this driving force (i.e., the insurance function of bonds) is compatible with other forces in general equilibrium and, in particular, coexistence is not only necessary for golden-rule optimality but also Pareto improving (for it helps initial olds).
