English, Article, Journal or magazine article edition: Money as a coordination device Wibaut, Quentin

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Bookmark: http://trove.nla.gov.au/version/4126
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Money as a coordination device
Author
  • Wibaut, Quentin
Physical Description
  • preprint
Notes
  • This paper examplifies in a simple general equilibrium model the important role played by the monetary policy when there are strategic interactions bearing on nominal variables. It shows that the common notion of money neutrality is misleading in this context. Indeed, linear homogeneity in the money stock for all nominal variables does not imply that the money supply cannot affect real variables. Though in this case the money stock is neutral, the monetary rule (according to which money is supplied) alters strategic interactions. As a result, money can be used to resolve (weak) coordination failures.
  • Monetary Policy; Imperfect Competition
  • RePEc:ctl:louvir:1997023
Language
  • English
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