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Fundamentals of the Theory of Money and Employment
OTAKI, Masayuki
27064
Non-neutrality of Money
Marginal cost
Fiscal multiplier
Involuntary unemployment
Extraneous belief in quantity theory of money
We briefly sketch the Keynesian and monetarist models where prices are flexibly determined so as to clear the markets. When markets are interior equilibrium and prices are equal to the marginal cost, money becomes non-neutral and Keynesian- flavored results such as the fiscal multiplier are obtained. On the other hand, if people hold the extraneous belief that prices proportionately increase with nominal money supply, and further, the increase rate of money is sufficiently small, then the full-employment equilibrium (boundary solution) is attained. Thus, monetarism can uphold only in the limited case.
特集 新しいマクロ経済理論の構築を目指して
departmental bulletin paper
東京大学社会科学研究所
2011-11-01
application/pdf
社會科學研究
1
63
125
130
AN00108966
03873307
https://repository.dl.itc.u-tokyo.ac.jp/record/16974/files/shk063001009.pdf
eng