Asset Markets, General Equilibrium and the Neutrality of Money

Christophe Chamley () and Heracles M. Polemarchakis
Additional contact information
Heracles M. Polemarchakis: Columbia University

No 605, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: When government liabilities (including money) are held in private portfolios only as stores of value, and do not provide additional benefits (as liquidity services), the real variables in an economy with uncertainty are not affected by the government's trading in assets. There are also policies which alter the money supply through taxes or subsidies, and affect the price of money without changing real variables.

Pages: 22 pages
Date: 1981-09
Note: CFP 586.
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in Review of Economic Studies (1984), 51: 129-138

Downloads: (external link)
https://cowles.yale.edu/sites/default/files/files/pub/d06/d0605.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cwl:cwldpp:605

Ordering information: This working paper can be ordered from
Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA
The price is None.

Access Statistics for this paper

More papers in Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University Yale University, Box 208281, New Haven, CT 06520-8281 USA. Contact information at EDIRC.
Bibliographic data for series maintained by Brittany Ladd ().