Aruoba, S. Boragan; Waller, Christopher J.; Wright, Randall - Federal Reserve Bank of St. Louis - 2009
decentralized trade, monetary policy affects centralized market investment.
• The above effect depends a lot on what one assumes about … the optimal monetary policy, which increases the
cost of inflation under either bargaining or price taking — but the list … independently for allocations
in the centralized and decentralized markets. This implies monetary policy has no impact on investment …