SFB 303 Discussion Paper No. A - 267

Author: Magill, Michael, and Martine Quinzii
Title: The Non-Neutrality of Money in a Production Economy with Nominal Assets
Abstract: In a general equilibrium model with money we show that anticipated changes in monetary policy have real effects if markets are incomplete and have no real effects if markets are complete. Unanticipated changes in monetary policy always have real effects.
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Creation-Date: December 1989
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