ON THE PROPERTIES OF ALTERNATIVE MONETARY RULES IN AN EXTENSION OF BLACK'S MODEL.
The purpose of this paper is to compare the properties of alternative monetary rules. Our framework for this analysis involves an extension of the model developed by Black (1974). We introduce permanent income into the demand for money function and allow for a distributed impact of excess demand on...
| Publicado en: | European Economic Review Vol. 9; no. 2; pp. 195 - 209 |
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| Formato: | Artículo |
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Elsevier B.V.
May77
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4935030&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4935030 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00142921 EER jtl: European Economic Review issn: 00142921 maglogo: N pubinfo: dt: May77 vid: 9 iid: 2 pid: 1004 pub: Elsevier B.V. artinfo: ui: 4935030 10.1016/S0014-2921(77)80024-X ppf: 195 ppct: 14 formats: tig: atl: ON THE PROPERTIES OF ALTERNATIVE MONETARY RULES IN AN EXTENSION OF BLACK'S MODEL. aug: au: Peel, D. A. affil: University of Liverpool, Liverpool, England su: Money Monetary policy Monetary theory Money supply Effect of inflation on income Price inflation Phillips curve Demand function Economic demand sug: subj: Money Monetary policy Monetary theory Money supply Effect of inflation on income Price inflation Phillips curve Demand function Economic demand ab: The purpose of this paper is to compare the properties of alternative monetary rules. Our framework for this analysis involves an extension of the model developed by Black (1974). We introduce permanent income into the demand for money function and allow for a distributed impact of excess demand on inflation in the Phillip's curve. It is shown that a policy of constant monetary expansion is inferior to simple output related monetary rules. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1977 holdings: @attributes: islocal: N |
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