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Is Money Neutral in the Long Run?

  • Burton Abrams

    ()

    (Department of Economics,University of Delaware)

  • Russell Settle

    (Department of Economics,University of Delaware)

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://graduate.lerner.udel.edu/sites/default/files/ECON/PDFs/RePEc/dlw/WorkingPapers/2005/UDWP2005-04.pdf
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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
Contact details of provider: Postal: Purnell Hall, Newark, Delaware 19716
Phone: (302) 831-2565
Fax: (302) 831-6968
Web page: http://www.lerner.udel.edu/departments/economics/department-economics/

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  1. 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.
  2. 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.
  3. 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.
  4. Scott Freeman & Finn Kydland, 1998. "Monetary aggregates and output," Working Paper 9813, Federal Reserve Bank of Cleveland.
  5. Ben S. Bernanke & Alan S. Blinder, 1988. "Credit, Money, and Aggregate Demand," NBER Working Papers 2534, National Bureau of Economic Research, Inc.
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