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The Nominal System : Linkage to the Quantity of Money or to Nominal Income

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  • Benjamin Eden

Abstract

[fre] Quand l'offre de monnaie est stable, les agents économiques veulent employer la monnaie comme unité de compte dans leurs contrats futurs ; par conséquent, H faudrait, quand il se produit des perturbations monétaires, préserver les contrats émis en termes nominaux. C'est pourquoi ce sont les changements irréguliers de la politique monétaire qui devraient être neurtalisés (par une sorte de liaison au stock de monnaie ou au revenu national) plutôt que les changements aléatoires du taux d'inflation (par le moyen de l'indexation). [eng] The nominal system : linkage to the quantity of money or to nominal income. . Under stable money supply, economic agents wish to employ money as a unit of account in future contracts ; we should therefore try to preserve the functions of nominal contracts in the presence of monetary disturbances. Thus it is erratic changes in monetary policy that should be neutralized (by means of linkage to the quantity of money or nominal incarne) rather than random changes in the rate of inflation (by means of indexation).

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Bibliographic Info

Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 30 (1979)
Issue (Month): 1 ()
Pages: 121-143

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Handle: RePEc:prs:reveco:reco_0035-2764_1979_num_30_1_408452

Note: DOI:10.2307/3500985
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/reco

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Cited by:
  1. Aizenman, Joshua & Frenkel, Jacob A, 1986. "Supply Shocks, Wage Indexation and Monetary Accommodation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(3), pages 304-22, August.
  2. Axel Leijonhufvud, 1983. "Rational Expectations and Monetary Institutions," UCLA Economics Working Papers 302, UCLA Department of Economics.
  3. Benjamin Eden, 1981. "Competitive Price Adjustment and Linkage to the Money Supply," UCLA Economics Working Papers 203, UCLA Department of Economics.

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