文章基本信息

标题：Can indeterminacy explain the short-run non-neutrality of money?
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作者：Fiorella De Fiore
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2000
出版社：European Central Bank
摘要：This paper analyzes the possibility to generate indeterminacy and equilibria with short-run non- neutrality of money in a model with flexible prices, constant returns to scale in production and constant money growth rules. The model recovers previous results in the literature as particular cases. It is shown that real effects of monetary shocks, as observed in the data, can arise in four regions of the parameter space. Two regions are characterized by unreasonable assumptions, which lead to inferiority of consumption or leisure. Two regions are characterized by reasonable assumptions and by normality of the goods. However, real effects of monetary shocks require implausible parameter values.
关键词：Indeterminacy; Neutrality of Money; Transactions Costs.