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Is Money Net Wealth?

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  • Philippe Weil

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

This paper develops a simple monetary model, a hybrid of the Sidrauski and overlapping generation frameworks, in which new dynasties of infinitely-lived agents continuously enter the economy. It is shown that the long-run nonsuperneutrality of money in life-cycle models is a modality of the violation of the Ricardian debt neutrality proposition: the very same intergenerational redistribution effects which, on the fiscal side, are the source of debt nonneutrality are at work on the monetary side to create monetary wealth effects and make money nonsuperneutral in the long run. Copyright 1991 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Philippe Weil, 1991. "Is Money Net Wealth?," SciencePo Working papers Main hal-03393386, HAL.
    • Handle: RePEc:hal:spmain:hal-03393386
    DOI: 10.2307/2526930
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03393386
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