Monetary policy in the presence of a stochastic deficit:

"This paper presents a welfare analysis of monetary policy rules that differ as regards the extent to which monetary policy accommodates an exogenous, stochastic deficit. Examples show that a nonaccommodating rule, one involving a higher ratio of bonds to currency the higher the deficit, is not...

Ausführliche Beschreibung

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Bibliographische Detailangaben
Hauptverfasser: Bryant, John B. (VerfasserIn), Wallace, Neil 1939- (VerfasserIn)
Format: Buch
Sprache:English
Veröffentlicht: Minneapolis Federal Reserve Bank [u.a.] 1979
Schriftenreihe:Federal Reserve Bank of Minneapolis, Research Department / Staff report 42
Zusammenfassung:"This paper presents a welfare analysis of monetary policy rules that differ as regards the extent to which monetary policy accommodates an exogenous, stochastic deficit. Examples show that a nonaccommodating rule, one involving a higher ratio of bonds to currency the higher the deficit, is not necessarily better than rules that accommodate: either a rule involving a constant ratio of bonds to currency or one involving a lower ratio of bonds to currency the higher the deficit. Moreover, the nonaccommodating rule can imply more variation in the price level than the accommodating rules"--Federal Reserve Bank of Minneapolis web site
Beschreibung:21 Bl.

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