haku: @indexterm Money supply / yhteensä: 177
viite: 23 / 177
| Tekijä: | Matheny, K. J. |
| Otsikko: | Non-neutral responses to money supply shocks when consumption and leisure are Pareto substitutes |
| Lehti: | Economic Theory
1998 : VOL. 11:2, p. 379-402 |
| Asiasana: | MONEY SUPPLY CRISES LEISURE CONSUMPTION |
| Kieli: | eng |
| Tiivistelmä: | Money supply shocks are found to be approximately neutral even in the short run in dynamic equilibrium models. This paper demonstrates that short run neutrality results are not robust. Persistent real effects to temporary, unanticipated money shocks may arise even without limited participation constraints, depending upon preference assumptions. The results are demonstrated for a simple cash in advance model with time-separable utility. It may possess persistent non-neutral equilibria if market consumption and leisure enter the period utility function as Pareto substitutes: if the marginal utility of leisure is a decreasing function of consumption of market-produced goods. |
SCIMA