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Doing Without Money: Controlling Inflation in a Post-Monetary World

Опубликовано на портале: 04-11-2004
Review of Economic Dynamics. 1998.  Vol. 1. No. 1. P. 173-219 . 
This paper shows that it is possible to analyze equilibrium inflation determination without any reference to either money supply or demand, as long as one specifies policy in terms of a "Wicksellian" interest-rate feedback rule. The paper's central result is an approximation theorem, showing the existence, for a simple monetary model, of a well-behaved "cashless limit" in which the money balances held to facilitate transactions become negligible. Inflation in the cashless limit is shown to be a function of the gap between the "natural rate" of interest, determined by the supply of goods and opportunities for intertemporal substitution, and a time-varying parameter of the interest-rate rule indicating the tightness of monetary policy. Inflation can be completely stabilized, in principle, by adjusting the policy parameter to track variation in the natural rate. Under such a regime, instability of money demand has little effect upon equilibrium inflation and need not be monitored by the central bank.

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текст статьи на сайте ScienceDirect:
http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6WWT-45M31GR-10&_coverDate=01%2F31%2F1998&_alid=216718622&_rdoc=1&_fmt=&_orig=search&_qd=1&_cdi=7139&_sort=d&view=c&_acct=C000056226&_version=1&_urlVersion=0&_userid=2124005&md5=7cd25c8baa430298d141116a266f0840
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