TY  - JOUR
AU  - Hall,Robert E.
TI  - A Framework for studying Monetary Non-Neutrality
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 3145
PY  - 1989
Y2  - October 1989
UR  - http://www.nber.org/papers/w3145
L1  - http://www.nber.org/papers/w3145.pdf
N1  - Author contact info:
Robert E. Hall
Hoover Institution
Stanford University
Stanford, CA  94305-6010
Tel: 650/723-2215
E-Mail: rehall@gmail.com
AB  - This paper sets forth a simple general structural model of aggregate output, the interest rate, and the price level. The core of the model is the determination of the level of output as a product-market equilibrium, either competitive or oligopolistic, possible indeterminate because of thick-market externalities. Monetary non-neutrality can affect either product demand or product supply. In either case, monetary policy has leverage over output as well as the price level. The paper develops a two-diagram analysis intended to replace the aggregate demand-aggregate supply diagram. 
ER  -