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Essays in Monetary Economics
By:Gent Bajraj
Published on 2019 by

This dissertation consists of three chapters on topics in monetary economics. The first chapter, written jointly with Neil Wallace, studies the equilibria that arise in a variant of the economy described by Lucas (1972) by applying strategic formulations of trade. |Expectations...| is the first counter-example to the view that a positive correlation between real output and the growth rate of the stock of money is exploitable. The equilibrium concept is rational-expectations equilibrium. In this chapter, two alternative strategic formulations--two versions of the market-game model--are applied. In one, the young make non-contingent offers of real saving; in the other, they make contingent offers, where the contingency is the realization of the two shocks in the model. Under the informational assumption that the young know nothing about current realizations, neither strategic formulation converges under replication to an equilibrium that exhibits the above positive correlation.In the second chapter, I study a particular class of monetary equilibria in an exchange economy with individuals of two types whose endowments of the consumption good alternate randomly. I consider a government that commits to a non-discriminatory transfer policy which depends on the aggregate state of the economy only. For a fairly general specification of the model, I prove the existence of such class of equilibria and describe the allocations that result from them. I compare their welfare and establish that no optimal equilibrium exists. An expression for the supremum is found and I am able to describe policies that support equilibria with welfare arbitrarily close to the supremum.The third chapter, coauthored with Gaston Chaumont, studies a model of a monetary economy that exhibits a non-degenerate distribution of money holdings in equilibrium. The model is a variation on the one due to Menzio, Shi and Sun (2013). We show that if an equilibrium exists, the model preserves some of the key tractability properties that make it amenable to numerical analysis. For illustrative purposes, we exploit these properties to study a family of transfer policies in a particular instance of our model.

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