CV Lattes
ORCID
Abstract
In their study of optimal monetary policy, Deviatov and Wallace (2001) define a mapping $\mathcal{E}$ between a vector describing monetary policy $(\alpha, \delta) \in [0,1]^2$ and the set of stationary money distributions consistent with such a policy, $\mathcal{E}(\alpha,\delta)$. It is argued that the mapping (correspondence) $\mathcal{E}$ is poorly behaved in the neighborhood of the p…