Asset Markets, General Equilibrium and the Neutrality of Money
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.
|Date of creation:||Sep 1981|
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|Publication status:||Published in Review of Economic Studies (1984), 51: 129-138|
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- James Tobin, 1956. "Liquidity Preference as Behavior Towards Risk," Cowles Foundation Discussion Papers 14, Cowles Foundation for Research in Economics, Yale University.
- Wallace, Neil, 1981. "A Modigliani-Miller Theorem for Open-Market Operations," American Economic Review, American Economic Association, vol. 71(3), pages 267-74, June.
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