The new economy and beyond: past, present, and future
In: Bush series in the economics of public policy 5
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In: Bush series in the economics of public policy 5
In: The Economic Journal, Band 100, Heft 401, S. 561
In: Journal of economic dynamics & control, Band 7, Heft 3, S. 377-379
ISSN: 0165-1889
In: Decisions in economics and finance: a journal of applied mathematics, Band 45, Heft 1, S. 187-207
ISSN: 1129-6569, 2385-2658
In: Economics Letters, Band 160
SSRN
In: International journal of forecasting, Band 23, Heft 4, S. 655-677
ISSN: 0169-2070
In: Advances in applied microeconomics 14
In: International journal of forecasting, Band 20, Heft 2, S. 321-342
ISSN: 0169-2070
In: Contemporary economic policy: a journal of Western Economic Association International, Band 17, Heft 4, S. 506-516
ISSN: 1465-7287
This paper examines a version of the Friedman k%money growth rule in an open economy monetary policy game. Using the two‐country model proposed by Canzoneri and Henderson (1991), we show that, in response to asymmetric aggregate demand shocks, the Pareto‐efficient outcome can be achieved by a policy that we call a k%money growth leadership rule. Following that rule, one country, the leader, sets her money supply growth rate, and the follower sets her money supply growth rate so as to keep the sum of nominal money supply growth at k%. We show that this policy yields the same outcome as does cooperative equilibrium. We also show that alternative policy rules, such as keeping exchange‐rate adjusted money supply growth at k%, or forming a currency union, will not lead to the Pareto‐efficient outcome in response to these demand shocks. (JEL E5, F3)
In: Economica, Band 63, Heft 252, S. 531
In: Economica, Band 58, Heft 232, S. 531
In: Journal of economics, Band 132, Heft 2, S. 133-164
ISSN: 1617-7134
In: CAMA Working Paper 26/2013
SSRN
Working paper
In: Economics of education review, Band 31, Heft 2, S. 302-317
ISSN: 0272-7757