1 option
A Framework for studying Monetary Non-Neutrality / Robert E. Hall.
- Format:
- Book
- Author/Creator:
- Hall, Robert E.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w3145.
- NBER working paper series no. w3145
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1989.
- Summary:
- This paper sets forth a simple general structural model of aggregate output, the interest rate, and the price level. The core of the model is the determination of the level of output as a product-market equilibrium, either competitive or oligopolistic, possible indeterminate because of thick-market externalities. Monetary non-neutrality can affect either product demand or product supply. In either case, monetary policy has leverage over output as well as the price level. The paper develops a two-diagram analysis intended to replace the aggregate demand-aggregate supply diagram.
- Notes:
- Print version record
- October 1989.
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