I revisit the example of non-neutral anticipated monetary expansions used in Lucas (1995) Nobel Prize Lecture, within a broader definition of monetary policy tools, such as paying a nominal return on money or using open market operations, to show that money expansions increase output by reallocating consumption across heterogenous individuals and time periods. This result survives with non interest-bearing cash when the latter does not generate relevant distortions.

Money Creation: Tax or Public Liquidity? / Reichlin, Pietro. - In: JOURNAL OF MONEY, CREDIT, AND BANKING. - ISSN 1538-4616. - (2018), pp. 1073-1094. [10.1111/jmcb.12479]

Money Creation: Tax or Public Liquidity?

Pietro Reichlin
2018

Abstract

I revisit the example of non-neutral anticipated monetary expansions used in Lucas (1995) Nobel Prize Lecture, within a broader definition of monetary policy tools, such as paying a nominal return on money or using open market operations, to show that money expansions increase output by reallocating consumption across heterogenous individuals and time periods. This result survives with non interest-bearing cash when the latter does not generate relevant distortions.
Money Creation: Tax or Public Liquidity? / Reichlin, Pietro. - In: JOURNAL OF MONEY, CREDIT, AND BANKING. - ISSN 1538-4616. - (2018), pp. 1073-1094. [10.1111/jmcb.12479]
File in questo prodotto:
File Dimensione Formato  
final.pdf

Embargo fino al 31/08/2020

Tipologia: Documento in Post-print
Licenza: DRM non definito
Dimensione 184.1 kB
Formato Adobe PDF
184.1 kB Adobe PDF Visualizza/Apri
jmcb.12479.pdf

Solo gestori archivio

Tipologia: Versione dell'editore
Licenza: DRM non definito
Dimensione 135.73 kB
Formato Adobe PDF
135.73 kB Adobe PDF   Visualizza/Apri
Pubblicazioni consigliate

Caricamento pubblicazioni consigliate

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11385/178966
Citazioni
  • Scopus 0
  • ???jsp.display-item.citation.isi??? 0
social impact