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.
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Length: 22 pages Date of creation: Sep 1981 Date of revision: Publication status: Published in Review of Economic Studies (1984), 51: 129-138 Handle: RePEc:cwl:cwldpp:605
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