Is the distinction between inside money and outside money fruitful?
According to neo-classical theory money is neutral and monetary policy in the long run trivial, provided there is no rigidity in prices or incomes, no “money illusion” and that the elasticity of price expectation is not equal to unit. Conversely, according to Gurley and Shaw, the adoption of the dis...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Associazione Economia civile
2014-10-01
|
| Series: | PSL Quarterly Review |
| Subjects: | |
| Online Access: | https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/12869 |