| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1890 |
| 来源ID | Working Paper 1890 |
| Inside Money and Monetary Neutrality | |
| Peter R. Hartley; Carl E. Walsh | |
| 发表日期 | 1986-04-01 |
| 出版年 | 1986 |
| 语种 | 英语 |
| 摘要 | This paper examines the interaction between the financial and real sectors of the economy within the framework of a stochastic, rational expectation model that distinguishes between inside and outside money. The model also can be used to study the impact of variations in the degree of intermediation, measured by the elasticity of bank deposit supply. In contrast to earlier work which emphasized confusion between monetary and real shocks, we focus on the role played by confusion between inside and outside money and temporary and permanent base money disturbances. Financial sector disturbances, as well as temporary shocks tothe monetary base, are shown to have real effects even when private agents have complete information. When contemporaneous information on economic disturbances is incomplete, permanent shocks to the monetary base also have real effects. If our model is correct, it is invalid to reject equilibrium models of the business cycle on the grounds that anticipated money affects output. We argue that this result is robust in the sense that many "reasonable" models which incorporate inside money would yield a non-neutrality of portfolio and temporary base money supply shocks. |
| 主题 | Macroeconomics ; Other |
| URL | https://www.nber.org/papers/w1890 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559138 |
| 推荐引用方式 GB/T 7714 | Peter R. Hartley,Carl E. Walsh. Inside Money and Monetary Neutrality. 1986. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w1890.pdf（437KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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