Is Money Neutral in the Long Run?

Burton Abrams and Russell Settle
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Russell Settle: Department of Economics,University of Delaware

No 05-04, Working Papers from University of Delaware, Department of Economics

Abstract: The traditional neoclassical open-economy flexible exchange rate model is expanded to include a “credit channel” by incorporating a bank loan market. The new “credit view” model provides substantially different predictions concerning the neutrality of money and the types of autonomous shocks that might affect the real exchange rate.

Keywords: Credit Channel; Monetary policy; Fixed Exchange Rates; Money Neutrality (search for similar items in EconPapers)
JEL-codes: E51 F41 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2005
New Economics Papers: this item is included in nep-cba, nep-fmk, nep-ifn, nep-mac and nep-mon
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