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Neutral Money: Historical Fact or Analytical Artifact?
SSRN Electronic Journal, 2012Long-run neutrality of money is an artifact of particular theoretical frameworks. We advance an alternative though not contradictory theoretical framework where monetary processes exert lasting real effects. Our framework holds without rejecting the classical equilibrium condition that nominal values are independent of economic realities because the ...
Simon Bilo, Richard E. Wagner
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Neutral Money and Monetary Policy
2007A reliable monetary system is indispensable to an extended division of labour, which is the basis for economic advance. In facilitating exchange, money releases man from a close dependence upon nature and upon the narrow confines of local markets; but it forces an individual to rely upon the entrepreneurial success of other individuals: upon ‘human ...
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Logically Consistent Money-neutral Models
1989The model of the previous chapter is invalid, due to the contradiction between Walras’ Law and the quantity equation. That problem can be solved by the introduction of the real balance effect. Let the purchasing power of money be defined as M*/p, which shall be referred to as real balances. In this section we shall assume that money is the only form in
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Money Issues and Analytic Neutrality
1991It is not likely that we can separate payment for psychoanalytic treatment from transference and countertransference. Freud (1913) notes that the transfer of money is an integral part of the treatment with possibly decisive consequences for the course of treatment.
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The Realization of Neutral Money
1989Our minds are accustomed to money as we know it. Neutral money has had little chance to unfold its own variety of forms in practice. Theoretical fantasy usually cannot compete with the manifoldness of reality. Thus it is difficult to predict what will happen once development of “neutral” transaction technologies has started.
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The Neutralized Money Stock: A Reconstruction
1983It was established in Chapter 1 that constructed monetary indicators predicated upon a conception of exogeneity that properly reflects the countercylical impact of policy actions have enormous intuitive appeal as optimal gauges. Moreover, the preceding analysis demonstrated that despite inherent lags in their availability, these measures are relevant ...
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This Handbook looks through the lens of the latest generation of scholars at the main propositions believed by so-called ‘Austrians’. Each contributing author addresses key tenets of the school of thought, and outlines its ongoing contribution to economics and to the social sciences.
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