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Hayek on the Neutrality of Money

Advances in Austrian Economics, 2016
Abstract The concept of “neutral money” has a long history in monetary theory and macroeconomics. Like a number of other macro concepts, its meaning has been subject to a variety of interpretations over the decades. I explore the way in which Hayek used this term in his monetary writings in the 1930s and argue that “neutrality” for ...
Steven Horwitz
exaly   +2 more sources

Non-neutrality of money

2021
This chapter summarises the key ingredients of Schumpeter's monetary theory. While his writing on monetary matters is spread across multiple sources, one may summarise his endeavour in three integrative steps: First, he elaborated the claim theory into a general vision of money as a purely symbolic system of social accounts. Second, he put the quantity
Michael Peneder, Andreas Resch
exaly   +2 more sources

Growth and the neutrality of money

Empirical Economics, 1996
Using two simple stochastic growth models that nest both exogenous and endogenous growth, this paper shows that money should not be neutral in the long run if it is not neutral in the short run and if growth is endogenous. By contrast, if growth is exogenous, money should be neutral in the long run.
exaly   +2 more sources

Expectations and the neutrality of money

Journal of Economic Theory, 1972
Robert E Lucas
exaly   +2 more sources

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