search query: @author Wallace, N. / total: 9
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| Author: | Wallace, N. |
| Title: | Short-run and long-run effects of changes in money in a random-matching model |
| Journal: | Journal of Political Economy
1997 : DEC, VOL. 105:6, p. 1293-1307 |
| Index terms: | MONEY CHANGE ECONOMETRIC MODELS |
| Language: | eng |
| Abstract: | This study shows that a random-matching model of money implies the kind of qualitative short-run and long-run effects of changes in the quantity of money often observed, namely, short-run effects that are predominantly real and long-run effects that are in direction of being predominantly nominal. The effects occur in the random-matching model studied here, provided that two conditions are met: the quantity of money is random, and people learn about what happened to it only with a lag. |
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