The Non-Neutrality of Money in a Production Economy with Nominal Assets

Michael Magill and Martine Quinzii ()

Discussion Paper Serie A from University of Bonn, Germany

Abstract: In a general equilibrium model with money we show that anticipated changes in monetary policy have real effects if markets are incomplete and have no real effects if markets are complete. Unanticipated changes in monetary policy always have real effects.

Date: 1989-12

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Persistent link: http://EconPapers.repec.org/RePEc:bon:bonsfa:267

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