Money stock revisions and unanticipated money growth

Money as Stock

Nominal government debt, including the monetary base, is a residual claim to government surpluses. Thus, the value of Þat money can be determined in a completely frictionless economy, just like the price of stock. The main theoretical objection to this Þscal theory of the price level is that it mistreats the government’s intertemporal budget constraint. I show that the valuation equation for no...

Money Stock Control and Discussion

Over the next 10 years a major controversy developed over whether the Federal Reserve recognized or placed enough emphasis on its responsibility for controlling the growth of the money stock. The related question of which operating strategy to follow in controlling the money stock was pushed to the background. Economists can argue at great lengths over the extent to which the Federal Reserve tr...

Money, Growth and Indeterminacy

In this article consumers need money to reduce their transaction costs. We highlight the existence of indeterminacy under a constant money growth within an endogenous growth framework. Real indeterminacy is avoided by an alternative monetary policy such as the interest pegging. The residual price indeterminacy is also ruled out if this monetary policy is completed by a non-Ricardian ...scal pol...

Does U.S. Money Growth Determine Money Growth in Other Nations?

HE money-inflation relationship has been examined extensively for avariety of economies resulting in a consensus that money growth has had a significant and positive impact on inflation.’ A related, but little studied issue, is the relationship between money growth rates across countries. This issue is important for assessing the extent to which inflation pressures have been transmitted froni c...

Money Growth in 1982