Arbeitspapier
Can indeterminacy explain the short-run non-neutrality of money?
This paper analyzes the possibility to generate indeterminacy and equilibria with short-run non-neutrality of money in a model with flexible prices, constant returns to scale in production and constant money growth rules. The model recovers previous results in the literature as particular cases. It is shown that real effects of monetary shocks, as observed in the data, can arise in four regions of the parameter space. Two regions are characterized by unreasonable assumptions, which lead to inferiority of consumption or leisure. Two regions are characterized by reasonable assumptions and by normality of the goods. However, real effects of monetary shocks require implausible parameter values.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 32
- Klassifikation
-
Wirtschaft
General Aggregative Models: Neoclassical
Money and Interest Rates: General
Monetary Policy
- Ereignis
-
Geistige Schöpfung
- (wer)
-
De Fiore, Fiorella
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2000
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- De Fiore, Fiorella
- European Central Bank (ECB)
Entstanden
- 2000
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