Optimal monetary policy with skill shock

da Costa and Werning (2005) prove that the Friedman rule of setting nominal interest rate to zero is locally optimal in a monetary model where each consumer receives a privately observed skill shock and the government uses incentive compatible non-linear income taxation. In this paper, we show that when goods and money are strictly separable from labor in the consumer's utility function, the Friedman rule is the globally optimal monetary policy. Positive nominal interest rate does not improve social welfare.Friedman rule

Control of adsorbed proteins by nanoscale phase-separated polymer structures and subsequent induction of cell adhesion

学位の種別: 課程博士審査委員会委員 : （主査）東京大学教授 高井 まどか, 東京大学教授 津本 浩平, 東京大学教授 酒井 康行, 東京大学准教授 伊藤 大知, 東京大学准教授 林 智広University of Tokyo(東京大学