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The Macroeconomics of Demonetization: Theory and Some Conjectures
South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-09-22 , DOI: 10.1177/2277978719861212
Subhasankar Chattopadhyay 1
Affiliation  

The withdrawal of high-denomination paper money in India—popularly termed ‘demonetization’—has generated interest among common people to understand what the usual macroeconomic consequences of such one-time monetary shock are. This article conjectures (a) that such unanticipated supply-side replacement of paper money of higher denominations may lead to a currency ‘trap’ in the short run and a permanent increase in the hoarding of lower denomination currencies in the long run and (b) that the effect on the GDP in the medium run can be ambiguous in a simple IS-LM framework once the effects of variable price level and changing inflation expectations are captured through the presence of an informal sector. JEL Classification: E 12, E 26, E 44, E 52

中文翻译:

非货币化的宏观经济学:理论和一些猜想

在印度,高面额纸币的撤出(通常称为“非货币化”)引起了普通百姓的兴趣,以了解这种一次货币冲击对通常的宏观经济后果是什么。本文推测(a)短期而言,这种意料之外的供应方替换高面额纸币可能会导致货币“陷阱”,从长远来看会长期导致低面额货币currencies积,以及(b)在一个简单的IS-LM框架中,一旦通过非正规部门的存在捕捉到可变价格水平和通货膨胀预期的影响,对中期GDP的影响就可能是模棱两可的。JEL分类:E 12,E 26,E 44,E 52
更新日期:2019-09-22
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