A Microeconomic Test of Money Neutrality
利用美国猪肉行业数据，从微观层面检验货币中性，发现当前未预期的货币供给冲击对该行业有实际影响，而预期的冲击则没有。
Conventional empirical studies of money neutrality have focussed on the response of aggregate economic measures to anticipated and unanticipated money supply shocks. The present paper uses data from the U.S. pork industry to test for money neutrality at the microeconomic level. The appeal of the pork industry stems largely from the homogeneity of the product we consider and the fact that the product is traded in what are essentially auction markets. We find that current unanticipated, but not anticipated, money supply shocks have real effects in the industry.