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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9813, Federal Reserve Bank of Cleveland.
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NBER Working Papers
2534, National Bureau of Economic Research, Inc.
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