; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Real Effects of Monetary Policy in a World Economy"; ; "batchuser@example.com"; "Todd, Richard M.", "Miller, Preston J."; "Federal Reserve Bank of Minneapolis"; "Nontraded goods", "Legal restrictions", "Monetary policy", "General equilibrium", "Open economy"; "E50 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General", "F41 - Open Economy Macroeconomics"; "We present a 2-country model with heterogeneous agents in which changes in a country’s monetary policy affect real interest rates, relative prices of traded and nontraded goods and real exchange rates. Nontransitory real effects of monetary policy stem solely from a friction (country-specific reserve requirements) that generates separate demands for a country’s money and bonds. Without violating the classical assumptions of individual rationality and flexible prices, the model’s implications seem qualitatively in accord with the U.S. experience of the 1980s: a monetary policy tightening leading to a rise in the real interest rate and to an initial rise in the real value of the dollar which is subsequently reversed. In the model a monetary policy change leads to different welfare effects for agents born at different times, living in different countries, or participating on different sides of a market. The welfare of some agents can be affected more by relative price changes than by real interest rate changes."^^; "1992-04"; "2019-09-14T02:41:08.729816741+00:00"^^; "https://doi.org/10.21034/sr.154"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 22:11:31 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "789", "524"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "154"; "Monetary policy", "Legal restrictions", "Nontraded goods", "General equilibrium", "Open economy"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Journal of Economic Dynamics and Control_ (Vol. 19, No. 1-2, January-February 1995, pp. 125-153) https://doi.org/10.1016/0165-1889(93)00777-2. "^^; ; "Publication" . ; .