منابع مشابه
Panel Cointegration and the Neutrality of Money
Most econometric methods for testing the proposition of long-run monetary neutrality rely on the assumption that money and real output do not cointegrate. This paper argues that these results can be attributed in part to the low power of univariate tests, and that a violation of the noncointegration assumption is likely to result in a nonrejection of the neutrality proposition. To alleviate thi...
متن کاملLimited Participation and the Neutrality of Money
M oney is useful in overcoming two types of frictions. First, in barter exchange, money helps to mitigate double-coincidence frictions that arise in developed economies where economic agents are specialized in production and consumption. Second, in trades involving credit, information frictions may imply that one economic agent has difficulty getting another economic agent to accept his or her ...
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Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive o...
متن کاملExpectations and the Neutrality of Money
This paper provides a simple example of an economy in which equilibrium prices and quantities exhibit what may be the central feature of the modern business cycle: a systematic relation between the rate of change in nominal prices and the level of real output. The relationship, essentially a variant of the well-known Phillips curve, is derived within a framework from which all forms of “money i...
متن کاملMoney, Interest, Prices and Capital Flowsf
In this paper we develop the first search-theoretic monetary model of a two-country global economy. We show the connection between deep monetary frictions (i.e. search and matching frictions), capital holdup externalities, and the realization of an endogenous departure from the “excess smoothness” problem in the real exchange rate found in standard models. Using this alternative monetary model,...
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ژورنال
عنوان ژورنال: International Journal of Economics and Financial Issues
سال: 2019
ISSN: 2146-4138
DOI: 10.32479/ijefi.8276