Is Money Neutral in the Long Run?
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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- Scott Freeman & Finn E. Kydland, 1998.
"Monetary aggregates and output,"
1998-013, Federal Reserve Bank of St. Louis.
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NBER Working Papers
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American Economic Review,
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