| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21779 |
| 来源ID | Working Paper 21779 |
| Working through the Distribution: Money in the Short and Long Run | |
| Guillaume Rocheteau; Pierre-Olivier Weill; Tsz-Nga Wong | |
| 发表日期 | 2015-12-07 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We construct a tractable model of monetary exchange with search and bargaining that features a non- degenerate distribution of money holdings in which one can study the short-run and long-run effects of changes in the money supply. While money is neutral in the long run, a one-time money injection in a centralized market with flexible prices generates an increase in aggregate real balances in the short run, a decrease in the rate of return of money, and a redistribution of consumption levels across agents. The price level in the short run varies in a non-monotonic fashion with the size of the money injection, e.g., small injections can lead to short-run deflation while large injections generate inflation. We extend our model to include employment risk and show that repeated money injections can raise output and welfare when unemployment is high. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w21779 |
| 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/579453 |
| 推荐引用方式 GB/T 7714 | Guillaume Rocheteau,Pierre-Olivier Weill,Tsz-Nga Wong. Working through the Distribution: Money in the Short and Long Run. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
