Economic Fluctuations and Non-Neutrality of Money Based upon Imperfect Competition

Xiangkang Yin

Chapter 17 in Increasing Returns and Economic Analysis, 1998, pp 383-400 from Palgrave Macmillan

Abstract: Abstract In his early paper, Ng (1980) showed that the introduction of imperfect competition along in a standard macroeconomic model with profit maximization, no time lags, no transaction costs and/or friction could break the classical dichotomy between the real and the monetary sectors and make money possibly non-neutral. However, most of the literature in macroeconomics unfortunately misses this possibility of non-neutrality of money under imperfect competition and believes that Imperfect competition by itself does not create monetary non-neutrality … It is the combination of imperfect competition with some other distortion which generates the potential for real effect. (Dixon and Rankin, 1994, p. 178)

Keywords: Labour Supply; Price Index; Wage Rate; Money Supply; Imperfect Competition (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-26255-7_23

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DOI: 10.1007/978-1-349-26255-7_23

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