摘要：Monetary policy is superneutral in an overlappinggenerations model. Previous authors have argued that superneutralitydoes not hold in such a setting. However, thestandard results rely on the counter-factual premise of helicoptermoney and are overturned if money creation throughopen market operations is taken into account. This resultsuggests that a more realistic representation of monetary policymay generally be helpful
关键词：Superneutrality; open market operations; seigniorage;monetary policy; overlapping generations
