On the superneutrality of money in a stochastic dynamic macroeconomic model |
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| Authors: | Jean-Pierre Danthine John B. Donaldson Lance Smith |
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| Affiliation: | 1. School of Management, University of Chinese Academy of Sciences, Beijing 100190, China;2. Wang Yanan Institute for Studies in Economics (WISE), Xiamen University, Xiamen 361005 Fujian, China;1. Montpellier Business School, Montpellier, France;2. Indian Institute of Management Bangalore, Karnataka, India;3. Indian Institute of Management Raipur, Chhattisgarh, India |
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| Abstract: | This paper explores the robustness of the superneutrality of money result to the introduction of uncertainty. While, qualitatively, superneutrality fails to obtain in our model, quantitatively the observed Tobin effect is insignificant. The equilibrium time paths of real variables are nearly unaffected by changes in the money growth rule. We argue that our conclusions reinforce the theoretical case for superneutrality. |
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