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Money Neutrality, Monetary Aggregates and Machine Learning [PDF]
Algorithms, 2019 The issue of whether or not money affects real economic activity (money neutrality) has attracted significant empirical attention over the last five decades.
Periklis Gogas +2 more
exaly +4 more sources
Inside Money and Monetary Neutrality [PDF]
Journal of Macroeconomics, 1991 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
Carl E. Walsh, Peter R. Hartley
core +2 more sources
, 1995 Prize Lecture to the memory of Alfred Nobel, December 7, 1995.Money neutrality;
Lucas, Jr., Robert E.
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MACROECONOMIC BALANCE AND NEUTRAL MONETARY POLICY
Вестник университета, 2020 The problem of macroeconomic equilibrium as a theoretical basis for monetary policy has been considered. In this regard, the concept of long-term equilibrium and money neutrality has been criticized. The position on the non-equilibrium nature of economic
V. K. Krylov
doaj +3 more sources
Non-neutrality of monetary policy in policy games [PDF]
European Journal of Political Economy, 2004 Abstract This paper investigates the sources of non-neutrality in policy games involving one or more trade unions. We use a simple open economy model to demonstrate basic mechanisms that also arise in other frameworks. There are common roots in the non-neutrality results obtained in such apparently different contexts as, for example, an inflation ...
Nicola Acocella +1 more
exaly +6 more sources
International evidence on stochastic and deterministic monetary neutrality [PDF]
Economic Modelling, 2008 We analyze the issue of the impact of multiple breaks on monetary neutrality results, using a long annual international data set. We empirically verify whether neutrality propositions remain addressable (and if so, whether they hold or not), when unit ...
Noriega, Antonio E. +2 more
core +4 more sources
Wavelet Multiresolution Analysis of the Liquidity Effect and Monetary Neutrality [PDF]
Computational Economics, 2017 This paper employs the maximum overlap discrete wavelet transform to obtain timescale decompositions of monetary aggregates, short-term interest rates and output to investigate two propositions in monetary economics: the liquidity effect and the long-run neutrality of money.
Olivier Habimana
exaly +3 more sources
Monetary Non-neutrality in a Multisector Menu Cost Model [PDF]
Quarterly Journal of Economics, 2010 Abstract Empirical evidence suggests that as much as one-third of the U.S. business cycle is due to nominal shocks. We calibrate a multisector menu cost model using new evidence on the cross-sectional distribution of the frequency and size of price changes in the U.S. economy. We augment the model to incorporate intermediate inputs.
Emi Nakamura, Jon Steinsson
exaly +3 more sources
TESTS OF MONETARY NEUTRALITY ON FARM OUTPUT [PDF]
, 1991 According to the monetary neutrality hypothesis, only the unanticipated money supply growth has impacts on real economic variables, and the anticipated money supply growth has no real impacts.
Devadoss, Stephen
core +2 more sources
On Long-Run Monetary Neutrality in Japan [PDF]
Monetary and Economic Studies, 2004 This paper comprehensively investigates long-run monetary neutrality in Japan, with due consideration to the order of integration of the money stock and real output, mainly using long-term time-series data retroactively available from the Meiji Period ...
Oi, Hiroyuki +2 more
core +1 more source