منابع مشابه
Implementing the Friedman Rule
In cash-in-advance models, necessary and sufficient conditions for the existence of an equilibrium with zero nominal interest rates and Pareto optimal allocations place restrictions only on the very long-run, or asymptotic, behavior of the money supply. When these asymptotic conditions are satisfied, they leave the central bank with a great deal of flexibility to manage the money supply over an...
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Our objective in this paper has been to provide more theoretically coherent microfoundations for monetary policy rules in response to Lucas’s (1976) critique of econometric policy evaluation and, more importantly, to show that the Taylor rule can be derived via Friedman’s k% money supply rule. A key di¤erence with respect to the traditional IS-LM framework, is that, the aggregate decision rules...
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Under theenforcing the law on damage, when patients are exposed to damage and injury when acting or leaving action on health-related factors such as physicians and laboratory officials, patients must take standard action to mitigate the loss or claim. Otherwise they will lose the right to defend themselves. The most important effect of this rule is that the assignment of a claim against a loss ...
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In this paper, we will present an explicit construction of Harvey Friedman which to every finitely generated group G associates a 2-generator subgroup KG 6 Sym(N) such that G embeds into KG and such that if G ∼= H, then KG = KH .
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This paper studies the behavior of the economy and the efficacy of monetary policy under zero nominal interest rates, using a model with population growth that nests, as a special case, a more conventional specification in which there is a single infinitely lived representative agent. The paper shows that with a growing population, monetary policy has distributional effects that give rise to a ...
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ژورنال
عنوان ژورنال: Review of Economic Dynamics
سال: 2003
ISSN: 1094-2025
DOI: 10.1016/s1094-2025(02)00011-x