Arbeitspapier
The real effects of money growth in dynamic general equilibrium
We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off, and show that it remains even when the contract length is endogenised.
- Language
-
Englisch
- Bibliographic citation
-
Series: ECB Working Paper ; No. 412
Classification
Wirtschaft
Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)
Money and Interest Rates: General
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)
Money and Interest Rates: General
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Subject
inflation
nominal inertia
Phillips curve
Unemployment
nominal inertia
Phillips curve
Unemployment
Event
Geistige Schöpfung
(who)
Graham, Liam
Snower, Dennis J.
Snower, Dennis J.
Event
Veröffentlichung
(who)
European Central Bank (ECB)
(where)
Frankfurt a. M.
(when)
2004
- Handle
- Last update
-
20.09.2024, 8:21 AM CEST
Object type
- Arbeitspapier
Associated
- Graham, Liam
- Snower, Dennis J.
- European Central Bank (ECB)
Time of origin
- 2004
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