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Implementing the Friedman rule

Author: Peter N Ireland; National Bureau of Economic Research.
Publisher: Cambridge, MA. : National Bureau of Economic Research, ©2002.
Series: Working paper series (National Bureau of Economic Research), no. 8821.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: 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 mainly 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 any finite  Read more...
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Details

Named Person: Milton Friedman; Milton Friedman
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Peter N Ireland; National Bureau of Economic Research.
OCLC Number: 49792265
Notes: "March 2002."
Description: 1 online resource (34 pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 8821.
Other Titles: Friedman rule
Responsibility: Peter N. Ireland.

Abstract:

Abstract: 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 mainly 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 any finite horizon. But what happens when these asymptotic conditions fail to hold? This paper shows that the central bank can still implement the Friedman rule if its actions are appropriately constrained in the short run.

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