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Autor:innen: 
Erscheinungsjahr: 
2024
Quellenangabe: 
[Journal:] Review of Economic Analysis (REA) [ISSN:] 1973-3909 [Volume:] 16 [Issue:] 2 [Year:] 2024 [Pages:] 133-174
Verlag: 
International Centre for Economic Analysis (ICEA), Waterloo (Ontario)
Zusammenfassung: 
Silvio Gesell argued that 'rusting' money is economically and socially beneficial; that claim has often been contended. In Part II of the paper, I concentrate on the long-run implications of his ideas. I show that introducing money depreciation in isolation may be economically non-beneficial in a typical long-run equilibrium. But money depreciation, when coupled with expansionary monetary policy, is a necessary condition for a positive Mundell-Tobin effect on long-run real variables and so creates wealth in the model. It is found that this also holds in the transition to the long-run equilibrium. Hence,the spirit of Gesell's hypotheses can be verified for a plausible, long-run environment as well, and may, thus, be relevant for long-run economic policy problems.
Schlagwörter: 
Economic Performance
Depreciating Money
Zero Lower Bound
Demonetization
Love of Wealth
JEL: 
E1
E5
O4
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