NONNEUTRALITY OF MONEY IN DISPERSION: HUME REVISITED

• 成果类型: Article
• 署名作者: Jin, Gu; Zhu, Tao
• 署名单位: Central University of Finance & Economics; Hong Kong University of Science & Technology
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12387
• 发表日期: 2019
• 页码: 1329-1353
• 关键词: monetary steady-state; matching model; liquidity; search; prices; transactions; EXISTENCE; POLICY

摘要

For a class of standard and widely used preferences, a one-shot money injection in a standard matching model can induce a significant and persistent output response by dispersing the distribution of wealth. Decentralized trade matters for both persistence and significance. Following the injection, the price response may be sluggish, the markup may move up with output, and both the interest rate and the inflation rate may drop below their trend levels.