Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/65756 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
Cardiff Economics Working Papers No. E2010/6
Verlag: 
Cardiff University, Cardiff Business School, Cardiff
Zusammenfassung: 
We show a simple way to introduce monopolistic competition in a general equilibrium model where prices are fully .exible, the velocity of money is variable and cash-in-advance (CIA) constraints occasionally bind.We establish the conditions under which money has real effects and demonstrate that an equilibrium that occurs at a binding CIA constraint is welfare inferior to any equilibrium that occurs at a nonbinding CIA constraint with the same level of technology. We argue that even though the probability of a binding CIA constraint can be increasing with money supply, under certain conditions, expansionary money supply is welfare improving.
Schlagwörter: 
cash-in-advance
general equilibrium
monopolistic competition
JEL: 
D43
E31
E41
E51
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
239.22 kB





Publikationen in EconStor sind urheberrechtlich geschützt.