Money and inventories in an economy with uncertain and sequential trade

• 成果类型: Article; Proceedings Paper
• 署名作者: Bental, B; Eden, B
• 署名单位: University of Haifa; Bank of Israel
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(96)01263-9
• 发表日期: 1996
• 页码: 445-459
• 关键词: money; neutrality; inventories; sequential trade

摘要

We propose a model in which an unanticipated reduction in the money supply leads to a contemporaneous increase in inventories followed by periods with lower output. This persistent real effect does not require price rigidities or real shocks and confusion. It is obtained in a model of uncertain and sequential trade, in which markets are cleared and agents are price takers.