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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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bernanke, Ben S & Blinder, Alan S, 1988.
"Credit, Money, and Aggregate Demand,"
American Economic Review,
American Economic Association, vol. 78(2), pages 435-439, May.
- Scott Freeman & Finn E. Kydland, 1998.
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1998-013, Federal Reserve Bank of St. Louis.
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"Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression,"
American Economic Review,
American Economic Association, vol. 73(3), pages 257-276, June.
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- 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.
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