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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. If money is neutral even in the short-run, then monetary policy is ineffective and its role limited. If money matters, it will be able to forecast real economic activity.
Emmanouil Sofianos +2 more
exaly +5 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 ...
Giovanni Di Bartolomeo, Nicola Acocella
exaly +6 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
Monetary Policy, Neutrality and the Environment [PDF]
SSRN Electronic Journal, 2021 AbstractWe study the interaction between monetary/fiscal policies in a Ramsey–Sidrauski model augmented with the “Green Golden Rule.” We demonstrate conditions whereby monetary and fiscal policy under different utility and preference assumptions are or are not environmentally neutral. Despite its nonseparability in utility, we demonstrate that money is
Faria, JR, Mcadam, P, Viscolani, B
openaire +3 more sources
Inside money and monetary neutrality [PDF]
Journal of Macroeconomics, 1991 Abstract Interaction between the financial and real sectors of the economy is examined in a stochastic, rational expectations model that distinguishes between inside and outside money. Financial sector disturbances and temporary shocks to the monetary base are shown to have real effects even when private agents have complete information and prices ...
Peter R. Hartley, Carl E. Walsh
openaire +1 more source
A note on the neutrality of temporary monetary disturbances [PDF]
Journal of Monetary Economics, 1979 Abstract In the rational expectations analysis of Lucas and Barro, the quantity of money is subject to random shocks that are specified to be unanticipated and permanent in character. The present note provides some simple examples of alternative money supply specifications that lead to non-neutrality of perceived temporary monetary growth through the
Marvin Goodfriend, Robert G. King
openaire +2 more sources
Fixed-Wage Contracts and Monetary Non-neutrality [PDF]
American Economic Journal: Macroeconomics, 2019 We study the importance of wage rigidities for the monetary policy transmission mechanism. Using uniquely rich micro data on Swedish wage negotiations, we isolate periods when the labor market is covered by fixed-wage contracts. Importantly, negotiations are coordinated in time but their seasonal patterns are far from deterministic.
Björklund, Maria +2 more
openaire +5 more sources
International evidence on stochastic and deterministic monetary neutrality [PDF]
Economic Modelling, 2008 Abstract 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 root tests are carried out allowing for multiple structural breaks in the long-run trend ...
Antonio E. Noriega +2 more
openaire +2 more sources
COMMUNISM, VALUE NEUTRALITY AND MONETARY NEUTRALITY
Theoretical and Practical Research in the Economic Fields, 2017 One of the most puzzling aspects about the functioning of the floating exchange rate regime of the 1980s has been that huge swings in exchange rate have had only muted effects on anything real. To understand this phenomenon, we study the relationship between communism and value neutrality and monetary neutrality.
openaire +1 more source