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Assets, general equilibrium and the neutrality of money

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  • CHAMLEY, Christophe
  • POLEMARCHAKIS, Herakles

Abstract

When government liabilities (including money) are held in private portfolios only as stores of value and do not provide additional services (such as liquidity), real variables are not affected by changes in the money supply due to the government's trading in real assets (open market operations). This neutrality of monetary policy fails if the government either trades in nominal assets, or it distributes subsidies and levies taxes.
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Suggested Citation

  • CHAMLEY, Christophe & POLEMARCHAKIS, Herakles, 1984. "Assets, general equilibrium and the neutrality of money," LIDAM Reprints CORE 554, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:554
    DOI: 10.2307/2297709
    Note: In : Review of Economic Studies, 51(1), 129-138, 1984
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