The distortionary effect of monetary policy: credit expansion vs. lump-sum transfers in the lab
Romain Baeriswyl
(1)
,
Camille Cornand
(2)
Camille Cornand
- Fonction : Auteur
- PersonId : 17588
- IdHAL : camille-cornand
- IdRef : 094143218
Résumé
In an experimental monetary general equilibrium economy, we assess two processes of monetary injection: credit expansion vs. lump-sum monetary transfers. In theory, both processes are neutral and exert no real effect on allocation. In the experiment, however, credit expansion leads to substantial distortions of real allocation and relative prices, and exerts a redistributive effect across subjects. By contrast, an increase in money through lump-sum transfers does not distort real allocation.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
The distortionary effect of monetary policy: credit expansion vs. lump-sum transfers in the lab
|
Résumé |
en
In an experimental monetary general equilibrium economy, we assess two processes of monetary injection: credit expansion vs. lump-sum monetary transfers. In theory, both processes are neutral and exert no real effect on allocation. In the experiment, however, credit expansion leads to substantial distortions of real allocation and relative prices, and exerts a redistributive effect across subjects. By contrast, an increase in money through lump-sum transfers does not distort real allocation.
|
Auteur(s) |
Romain Baeriswyl
1
, Camille Cornand
2
1
Swiss National Bank
( 176795 )
- Banque nationale suisse Börsenstrasse 15 Case postale CH - 8022 Zurich
- Suisse
2
GATE Lyon Saint-Étienne -
Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne
( 102550 )
- 93, chemin des Mouilles 69130 Écully
6, rue Basse des Rives 42023 Saint-Étienne cedex 02
- France
|
Langue du document |
Anglais
|
Date de production/écriture |
2018
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2018
|
Volume |
18
|
Numéro |
2
|
Mots-clés (JEL) |
|
Domaine(s) |
|
Projet(s) ANR |
|
Mots-clés |
en
lump-sum monetary transfers, laboratory experiment, credit expansion, money neutrality
|
DOI | 10.1515/bejm-2017-0037 |
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