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Implementing the Friedman Rule by a Government Loan Program: An Overlapping Generations Model
(Vanderbilt University, 2008)
The welfare gains from adopting a zero nominal interest policy depend on the implementation details. Here I argue that implementing the Friedman rule by a government loan program may be better than implementing it by ...
Substitution, Risk Aversion and Asset Prices: An Expected Utility Approach
(Vanderbilt University, 2008)
The standard power utility function is widely used to explain asset prices. It assumes that the coefficient of relative risk aversion is the inverse of the elasticity of substitution. Here I use the Kihlstrom and Mirman ...