Публикация Удары Пейриса в Economic Theory

Поздравляем Удару Пейриса, доцента МИЭФ, с принятием к публикации в международном реферируемом журнале Economic Theory статьи "Collateral and the Efficiency of Monetary Policy", написанной совместно с А. Вардулакисом.

Тезисы: This paper argues that in a monetary Real Business Cycle economy where a complete set of nominal contingent claims exist, the requirement to collateralize loans, alone, does not affect the equilibrium allocation when monetary policy is chosen optimally: the Pareto optimal allocation can be supported. A Friedman rule (r = 0), which would be optimal in the absence of collateral constraints, here is not. At the resulting prices collateral constraints bind and the allocation is inefficient. However, positive interest rates (through an inflation tax on money balances) supports the Pareto optimal allocation when the collateral constraint binds.