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Anticipated Monetary Policy in a Cash-in-Advance Economy

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Author Info
Benoit Carmichael
Abstract

This paper analyzes the effects of perfectly foreseen monetary policy within the framework of a standard cash-in-advance economy. Anticipated monetary policy is shown to have real effects by influencing inflationary expectations. In a cash-in-advance economy, an increase in the anticipated rate of inflation reduces the return to labor supply and induces a substitution away from time spent in the labor market. The paper analyzes the implication of this substitution for the time paths of output, prices, interest rates (real and nominal), and stock market prices.

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Publisher Info
Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 22 (1989)
Issue (Month): 1 (February)
Pages: 93-108
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Handle: RePEc:cje:issued:v:22:y:1989:i:1:p:93-108

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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Paul Gomme, 1991. "Money and growth revisited," Discussion Paper / Institute for Empirical Macroeconomics 55, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  2. Lawrence J. Christiano, 1991. "Modeling the liquidity effect of a money shock," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 3-34. [Downloadable!]
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This page was last updated on 2009-10-28.

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