| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10819 |
| DP10819 Money Creation: Tax or Public Liquidity? | |
| PIETRO REICHLIN | |
| 发表日期 | 2015-09-13 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | When the nominal return on all public liabilities is allowed to adjust to changing market conditions, or the central bank has access to unlimited open market operations, money growth is likely to stimulate output. This is shown in the model used by Lucas in his Nobel Prize Lecture as an example of the non neutral effects of anticipated monetary expansions. A rise in net outside assets increases households' incentives to work through a reallocation of consumption across periods. This result survives with non interest-bearing cash when the latter does not generate relevant distortions. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | inflation monetary policy |
| URL | https://cepr.org/publications/dp10819 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539648 |
| 推荐引用方式 GB/T 7714 | PIETRO REICHLIN. DP10819 Money Creation: Tax or Public Liquidity?. 2015. |
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