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Short-run and long-run effects of changes in money in a random matching model

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  • Neil Wallace
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    Abstract

    Using an existing random matching model of money, I show that a once-for-all change in the quantity of money has short-run effects that are predominantly real and long-run effects that are in the direction of being predominantly nominal provided (i) the quantity of money is random and (ii) people learn about what happened to it only with a lag. The change in the quantity of money comes about through a random process of discovery that does not permit anyone to deduce the aggregate amount discovered when the change actually occurs.

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    File URL: http://www.minneapolisfed.org/research/common/pub_detail.cfm?pb_autonum_id=623
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    File URL: http://www.minneapolisfed.org/research/WP/WP568.pdf
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    Bibliographic Info

    Paper provided by Federal Reserve Bank of Minneapolis in its series Working Papers with number 568.

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    Date of creation: 1996
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    Publication status: Published in Journal of Political Economy (Vol. 105, No. 6, December 1997, pp. 1293-1307)
    Handle: RePEc:fip:fedmwp:568

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    Related research

    Keywords: Money - Mathematical models;

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