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Is Money Neutral in the Long Run?

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Author Info
Burton Abrams () (Department of Economics,University of Delaware)
Russell Settle (Department of Economics,University of Delaware)
Abstract

The traditional neoclassical open-economy flexible exchange rate model is expanded to include a “credit channel” by incorporating a bank loan market. The new “credit view” model provides substantially different predictions concerning the neutrality of money and the types of autonomous shocks that might affect the real exchange rate.

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File URL: http://www.lerner.udel.edu/economics/WorkingPapers/2005/UDWP2005-04.pdf
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Publisher Info
Paper provided by University of Delaware, Department of Economics in its series Working Papers with number 05-04.

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Length: 13 pages
Date of creation: 2005
Date of revision:
Handle: RePEc:dlw:wpaper:05-04

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Postal: Purnell Hall, Newark, Delaware 19716
Fax: (302) 831-6968
Web page: http://www.lerner.udel.edu/departments/economics/
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Related research
Keywords: Credit Channel; Monetary policy; Fixed Exchange Rates; Money Neutrality;

Find related papers by JEL classification:
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Bernanke, Ben S, 1983. "Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression," American Economic Review, American Economic Association, vol. 73(3), pages 257-76, June. [Downloadable!] (restricted)
    Other versions:
  2. Freeman, Scott & Huffman, Gregory W, 1991. "Inside Money, Output, and Causality," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(3), pages 645-67, August. [Downloadable!] (restricted)
    Other versions:
  3. Bernanke, Ben S & Blinder, Alan S, 1988. "Credit, Money, and Aggregate Demand," American Economic Review, American Economic Association, vol. 78(2), pages 435-39, May. [Downloadable!] (restricted)
    Other versions:
  4. Scott Freeman & Finn E. Kydland, 2000. "Monetary Aggregates and Output," American Economic Review, American Economic Association, vol. 90(5), pages 1125-1135, December. [Downloadable!] (restricted)
    Other versions:
  5. Albert E. Burger, 1969. "An analysis and development of the Brunner-Meltzer non-linear money supply hypothesis," Working Papers 1969-007, Federal Reserve Bank of St. Louis. [Downloadable!]
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