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On the Optimality of Interest Rate Smoothing

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Author Info

  • Rebelo, S.
  • Xie, D.

Abstract

In this paper, we study some continuous-time cash-in-advanced models in which interest rate smoothing is optimal. We consider both deterministic and stochastic models.

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Bibliographic Info

Paper provided by University of Rochester - Center for Economic Research (RCER) in its series RCER Working Papers with number 427.

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Length: 28 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:roc:rocher:427

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Postal: University of Rochester, Center for Economic Research, Department of Economics, Harkness 231 Rochester, New York 14627 U.S.A.

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Keywords: INFLATION ; ECONOMIC GROWTH ; INTEREST RATE;

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References

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  1. Abel, Andrew B., 1985. "Dynamic behavior of capital accumulation in a cash-in-advance model," Journal of Monetary Economics, Elsevier, Elsevier, vol. 16(1), pages 55-71, July.
  2. Correia, Maria Isabel Horta & Teles, Pedro, 1996. "Is the Friedman Rule Optimal When Money is an Intermediate Good?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1287, C.E.P.R. Discussion Papers.
  3. Yip, C.K. & Wang, P., 1989. "Alternative Approaches To Money And Growth," Papers, Pennsylvania State - Department of Economics 8-89-4, Pennsylvania State - Department of Economics.
  4. Chang, Fwu-Ranq, 1988. "The Inverse Optimal Problem: A Dynamic Programming Approach," Econometrica, Econometric Society, Econometric Society, vol. 56(1), pages 147-72, January.
  5. Feenstra, Robert C., 1986. "Functional equivalence between liquidity costs and the utility of money," Journal of Monetary Economics, Elsevier, Elsevier, vol. 17(2), pages 271-291, March.
  6. Cohen, Daniel, 1985. "Inflation, wealth and interest rates in an intertemporal optimizing model," Journal of Monetary Economics, Elsevier, Elsevier, vol. 16(1), pages 73-85, July.
  7. Goodfriend, Marvin, 1987. "Interest rate smoothing and price level trend-stationarity," Journal of Monetary Economics, Elsevier, Elsevier, vol. 19(3), pages 335-348, May.
  8. Brock, William A, 1974. "Money and Growth: The Case of Long Run Perfect Foresight," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(3), pages 750-77, October.
  9. Carlstrom, Charles T. & Fuerst, Timothy S., 1995. "Interest rate rules vs. money growth rules a welfare comparison in a cash-in-advance economy," Journal of Monetary Economics, Elsevier, Elsevier, vol. 36(2), pages 247-267, November.
  10. Xie, Danyang, 1991. "Increasing Returns and Increasing Rates of Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 99(2), pages 429-35, April.
  11. Stockman, Alan C., 1981. "Anticipated inflation and the capital stock in a cash in-advance economy," Journal of Monetary Economics, Elsevier, Elsevier, vol. 8(3), pages 387-393.
  12. Eaton, Jonathan, 1981. "Fiscal Policy, Inflation and the Accumulation of Risky Capital," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 48(3), pages 435-45, July.
  13. Kimbrough, Kent P., 1986. "The optimum quantity of money rule in the theory of public finance," Journal of Monetary Economics, Elsevier, Elsevier, vol. 18(3), pages 277-284, November.
  14. Kehoe, Timothy J & Levine, David K & Romer, Paul M, 1992. "On Characterizing Equilibria of Economies with Externalities and Taxes as Solutions to Optimization Problems," Economic Theory, Springer, Springer, vol. 2(1), pages 43-68, January.
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