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.
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