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A Graphical Exposition of the Inconsistency of Optimal Monetary Plans

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  • Frank G. Steindl
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    Abstract

    Abstract: The author presents a geometrical framework in which the inability of discretionary policy (consistent policy in the sense of Kydland and Prescott) to be socially optimal is demonstrated. Policy based on a rule results in a higher level of utility. The author extends the model to demonstrate that policy of a Rogoff conservative central banker results in approaching the same equilibrium as that from a monetary rule. Finally, the framework shows that attempts to exploit the Phillips curve result in stagflation.

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    File URL: http://hdl.handle.net/10.3200/JECE.37.3.340-347
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal The Journal of Economic Education.

    Volume (Year): 37 (2006)
    Issue (Month): 3 (July)
    Pages: 340-347

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    Handle: RePEc:taf:jeduce:v:37:y:2006:i:3:p:340-347

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