ABSTRACT

This paper highlights the renewed interest in Lucas’s explanation of the non-neutrality of money put forward in his 1972 article – explanation based on information dispersion and signal extraction problems – by an increasing part of the literature investigating the transmission mechanism of monetary policy shocks. We review the main contributions to this renewal, and illustrate the relationship between this work and Lucas’s own model. We also show that some of the assumptions made by this line of research have been questioned by subsequent developments on the same track, thereby challenging its ability to produce large amounts of monetary non-neutrality and calling for further research.

摘要

本文强调了卢卡斯在 1972 年的文章（基于信息分散和信号提取问题的解释）中提出的货币非中性解释重新引起了人们的兴趣，越来越多的文献研究了货币政策冲击的传导机制。我们回顾了这次更新的主要贡献，并说明了这项工作与卢卡斯自己的模型之间的关系。我们还表明，这一研究方向所做的一些假设受到了同一轨道上后续发展的质疑，从而挑战了其产生大量货币非中性的能力，并需要进一步研究。