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Creator: Bental, Benjamin Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 103 Palavra-chave: Schauder's theorem, Equilibrium, Fixed point theorem, and Overlapping generations Sujeito: D58 - Computable and Other Applied General Equilibrium Models and C68 - Computable General Equilibrium Models
Creator: Bental, Benjamin and Eden, Benjamin Series: Lucas expectations anniversary conference Abstract:
We propose a model in which an unanticipated reduction in the money supply leads to a contemporaneous increase in inventories followed by periods with lower output. This persistent real effect does not require price-rigidity or real shocks and confusion. It is obtained in a model in which markets are cleared and agents are price-takers.
Palavra-chave: Productivity, Money, Supply, and Money supply Sujeito: E51 - Monetary policy, central banking, and the supply of money and credit - Money supply ; Credit ; Money multipliers and E22 - Macroeconomics : Consumption, saving, production, employment, and investment - Capital ; Investment ; Capacity