Money and inventories in an economy with uncertain and sequential trade Public Deposited

Creator Series Date Created
  • 1995-03
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.

Subject (JEL) Mot-clé Date Modified
  • 04/06/2018
Corporate Author
  • Federal Reserve Bank of Minneapolis. Research Department.
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