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1、Chapter27CreditandCurrency27.1.Creditandcurrencywithlong-livedagentsThischapterdescribesTownsend’s(1980)turnpikemodelofmoneyandputsittowork.Themodelusesaparticularpatternofheterogeneityofendowmentsandlocationstocreateademandforcurrency.Themodelismoreprimitivethantheshoppingtimemodelofchapte
2、r26.Aswiththeoverlappinggenerationsmodel,theturnpikemodelstartsfromasettinginwhichdiverseintertemporalendowmentpatternsacrossagentspromptborrowingandlending.Ifsomethingpreventsloanmarketsfromoperating,itispossiblethatanunbackedcurrencycanplayaroleinhelpingagentssmooththeirconsumptionovertim
3、e.FollowingTownsend,weshalleventuallyappealtolocationalheterogeneityastheforcethatcausesloanmarketstofailinthisway.Theturnpikemodelcanbeviewedasasimpli?edversionofthestochasticmodelproposedbyTrumanBewley(1980).Weusethemodeltostudyanumberofinterrelatedissuesandtheories,including(1)apermanent
4、incomemodelofconsumption,(2)aRicardiandoctrinethatgovernmentborrowingandtaxeshaveequivalenteconomice?ects,(3)somerestrictionsontheoperationofprivateloanmarketsneededinorderthatunbackedcurrencybevalued,(4)atheoryofin?ationary?nance,(5)atheoryoftheoptimalin?ationrateandtheoptimalbehaviorofthe
5、currencystockovertime,(6)a“l(fā)egalrestrictions”theoryofin?ationary?nance,and(7)atheoryofexchangerateindeterminacy.11SomeoftheanalysisinthischapterfollowsManuelliandSargent(2002).AlsoseeChatterjeeandCorbae(1996)andIreland(1994)foranalysesofpolicieswithinaturnpikeenvironment.–1093–1094Creditand
6、Currency27.2.PreferencesandendowmentsThereisoneconsumptiongood.Itcannotbeproducedorstored.ThetotalamountofgoodsavailableeachperiodisconstantatN.Thereare2Nhouse-holds,dividedintoequalnumbersNoftwotypes,accordingtotheirendowmentsequences.Thetwotypesofhouseholds,dubbedoddandeven,haveendowments
7、equences{yo}∞={1,0,1,0,...},tt=0{ye}∞={0,1,0,1,...}.tt=0Householdsofbothtypesorderconsumptionsequences{ch}accordingtothetcommonutilityfunction∞U=βtu(ch),tt=0whereβ∈(0,1),andu(·)istwicecontinuouslydi?erentiable,increasing,andstrictlyconcave,andsatis?esli