annual wholesale price indexes for the period 1948-76. The data on money shocks are the unanticipated money growth series … results are negative. They reject the hypothesis that unexpected money shocks, as measured by Barro, affect price dispersion …

magnitude of the unperceived money growth. The testing of this hypothesis requires two preliminary steps. First, a price … unperceived money growth. This estimation implies the postulation of an available information set and also a function relating the … variables in this set to money creation. The function used was based on considerations related to government demand for revenue …

We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is … that the option to settle transactions directly with money strengthens the stance of sellers of goods and services vis … "latent money demand" considerations imply monetary policy remains effective through medium-of-exchange channels even if the …

central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency …

case, the optimal steady state is characterized by a constant nominal money supply …

stochastic, rational expectation model that distinguishes between inside and outside money. The model also can be used to study … between inside and outside money and temporary and permanent base money disturbances. Financial sector disturbances, as well … that anticipated money affects output. We argue that this result is robust in the sense that many "reasonable" models which …

Can nominal contracts make a difference for the neutrality of money if these arise endogenously in general equilibrium … depart from Lucas in assuming that (1) agents have complete information about the money stock; (ii) fundamental shocks to the ….With an exogenous restriction on contracts, money is fully neutral. But, when this restrictionis lifted, efficient risk …

This paper examines the implications of an endogenous money supply for the perceived(by econometricians) and actual … nonneutrality of money in rational expectations models of the class put forward by Lucas (1972, 1973) and Barro(1976, 1980) that … King (1981) and Boschen-Grossman (1983).Thus, an econometrician might erroneously conclude that money is nonneutral ina …