2012年10月18日木曜日

Neutrality/Superneutrality of Money

Neutrality of Money
Any change in the nominal quantity of money that is matched by a proportional change in the price level, leaving m(real balances) unchanged, has no effect on the economy's real equilibrium.

Superneutrality of Money
The steady-state values of the capital stock, consumption, and output (in other words, real variables except real money balances) are all independent of the rate of growth of the nominal money shock.

Walsh, "Monetary Theory and Policy (3rd ed.)" pp.41-43.

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