A note on the neutrality of temporary monetary disturbances
AbstractIn the classical macroeconomic models constructed by Lucas (1972, 1975) and Barro (1976), monetary aggregates are assumed to be generated by a logarithmic random walk. This specification implies that all monetary growth is (a) unanticipated and (b) permanent.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Monetary Economics.
Volume (Year): 7 (1981)
Issue (Month): 3 ()
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Web page: http://www.elsevier.com/locate/inca/505566
Other versions of this item:
- Marvin Goodfriend & Robert G. King, 1979. "A note on the neutrality of temporary monetary disturbances," Working Paper 79-02, Federal Reserve Bank of Richmond.
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- Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
- Barro, Robert J., 1976. "Rational expectations and the role of monetary policy," Journal of Monetary Economics, Elsevier, vol. 2(1), pages 1-32, January.
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