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Monetary Policy with Single Instrument Feedback Rules
2004
Authors
Ano de Divulgação
2004
Código JEL
E31 - Price Level; Inflation; Deflation
E40 - General
E52 - Monetary Policy (Targets, Instruments, and Effects)
E58 - Central Banks and Their Policies
E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization
Resumo
We consider a standard cash in advance monetary model with flexible prices or prices set in advance and show that there are interest rate or money supply rules such that equilibria are unique. The existence of these single instrument rules depends on whether the economy has an infinite horizon or an arbitrarily large but finite horizon.
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Publicado como
Unique Monetary Equilibria with Interest Rate Rules