Superneutrality of Money under Open Market Operations

Homburg Stefan ()
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Homburg Stefan: School of Economics and Management, Leibniz University of Hannover, Hannover, Germany

Review of Economics, 2015, vol. 66, issue 3, 289-302

Abstract: Monetary policy is superneutral in an overlapping generations model. Previous authors have argued that superneutrality does not hold in such a setting. However, the standard results rely on the counter-factual premise of helicopter money and are overturned if money creation through open market operations is taken into account. This result suggests that a more realistic representation of monetary policy may generally be helpful.

Keywords: superneutrality; open market operations; seigniorage; monetary policy; overlapping generations (search for similar items in EconPapers)
JEL-codes: E43 E52 H55 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (3)

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DOI: 10.1515/roe-2015-1003

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