Heterojen peşin para ekonomisinde para ve üretim

This thesis formulates a cash-in-advance model with two agents differing in terms of productivity levels, time-preferences and availability of credit production technology. The heterogeneity of the agents allows them to engage in trade in the factor and the goods markets, and a monetary equilibrium is achieved for deflation rates within a range determined by agents' time-preferences. We examine how the changes in the monetary transfers made by the government to the agents under various degrees of cash-constraints affect the equilibrium. We show that the equilibrium levels are only affected by the changes in the monetary transfers made to the less productive agent. Both the direction and the size of this effect are shown to depend on the degrees of cash constraints. Additionally, the analysis yields different results depending on the range from which monetary transfer levels are chosen.