Robustness in Monetary Policymaking: A Case for the Friedman Rule
نویسندگان
چکیده
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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15 صفحه اولMonetary ECONOMICS Sequential markets and the suboptimality of the Friedman rule
A cash-in-advance model with sequential markets is constructed, where unanticipated monetary injections are nonneutral and can potentially produce large liquidity effects. However, if the monetary authority adheres to an optimal money rule, money should not respond to unanticipated shocks, so that a Friedman rule is suboptimal and the monetary authority does not exploit the liquidity effect. Qu...
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چکیده ندارد.
15 صفحه اولMilton Friedman: Perspectives, Particularly on Monetary Policy
When my son Jason was an economics Ph.D. student at Harvard in the 1990s, he said: “I have observed that only two economists can push you around, Milton Friedman and Gary Becker.” I agreed but argued that it was a good thing. Everyone needed heroes, and Gary had only Milton. Milton had no one, except Ronald Reagan in the 1980s, but Reagan did not really qualify as an economist. Arthur Burns may...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2007
ISSN: 1556-5068
DOI: 10.2139/ssrn.1010594