We examine the optimality of the Friedman rule by considering recent development of behavioral economics. We construct a simple macroeconomic model where agents discount consumption and leisure at different rates. We also consider a standard exponential discounting model and a hyperbolic discounting model, by assuming that the same discounting applies to both consumption and leisure. Money is introduced via a cash-in-advance constraint. Although the three models are observationally equivalent, they provide different policy implications. The Friedman rule is optimal in the latter two models, while it is not optimal in the first model if agents discount consumption is at a higher rate than leisure.

中文翻译：

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时间不一致贴现和弗里德曼规则：非酉贴现的作用

我们通过考虑行为经济学的最新发展来检验弗里德曼规则的最优性。我们构建了一个简单的宏观经济模型，其中代理人以不同的比率贴现消费和休闲。我们还考虑了标准指数贴现模型和双曲线贴现模型，假设相同的贴现适用于消费和休闲。货币是通过预付现金约束引入的。尽管这三个模型在观察上是等效的，但它们提供了不同的政策含义。弗里德曼规则在后两个模型中是最优的，而如果代理人的折扣消费率高于休闲，则在第一个模型中不是最优的。