ON THE NONNEUTRALITY OF MONEY WITH INCOMPLETE MARKETS
成果类型：
Note
署名作者：
GOTTARDI, P
署名单位：
University of Cambridge
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1994.1011
发表日期：
1994
页码：
209-220
关键词：
摘要：
In this paper we show that if markets are incomplete and there are nominal assets, whose payoff is denominated in money, monetary policy will be in general non-neutral. The mechanism through which monetary policy operates is a change in the structure of the rates of return: by changing the level of money prices monetary policy affects the payoffs of nominal assets. This differs from previous arguments for non-neutrality. We also show that a consideration of this effect of monetary policy may allow us to claim the superiority, from a welfare point of view, of a random money growth rate over a deterministic one. (C) 1994 Academic Press, Inc.
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