THE FRIEDMAN RULE: EXPERIMENTAL EVIDENCE
نویسندگان
چکیده
We evaluate the Friedman rule for optimal monetary policy in a laboratory economy based on Lagos–Wright (Journal of Economic Theory 145 (2010), 1508–24). explore two implementations Friedman's rule: one involving deflationary and another where interest is paid money. compare welfare consequences with other policies: constant money supply regime grows at k%. Counter to theory, we find that not welfare-improving, performing no better than regime. By measure, k% growth rate performs best.
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ژورنال
عنوان ژورنال: International Economic Review
سال: 2021
ISSN: ['1468-2354', '0020-6598']
DOI: https://doi.org/10.1111/iere.12549