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| Author: | Maeda, Y. |
| Title: | Inside money, outside money, and output |
| Journal: | Economic Studies Quarterly
1994 : JUN, VOL. 45:2, p. 141-158 |
| Index terms: | MONEY OUTPUT ECONOMIC CONDITIONS |
| Language: | eng |
| Abstract: | Understanding what accounts for the relationship between monetary measures and the output of the economy is one of the basic issues of macroeconomics. It has been argued that there exists a positive relationship between money and output. However, in most general equilibrium models, money is neutral in the sense that monetary measures affect price levels but not output (in the long-run or when it is expected). Money in those models is outside money. In this paper, a rigorous general equilibrium model in which inside money and outside money coexist is constructed. |
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