The real effects of money growth in dynamic general equilibrium

We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off, and show that it remains even when the contract length is endogenised.

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Year of publication:	2004
Authors:	Graham, Liam ; Snower, Dennis J.
Publisher:	European Central Bank
Subject:	Geldpolitik \| Monetary Policy \| Zentralbank \| Central Bank

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Extent:	1136640 bytes 35 p. application/pdf
Series:	Working paper series / European Central Bank ; 412
Type of publication:	Book / Working Paper
Language:	English
Classification:	E20 - Consumption, Saving, Production, Employment, and Investment. General ; E40 - Money and Interest Rates. General ; E50 - Monetary Policy, Central Banking and the Supply of Money and Credit. General ; Currency. Monetary policy ; Individual Working Papers, Preprints
Source:	ArchiDok

Persistent link: https://www.econbiz.de/10009639472