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William Poole in der modernen Makroökonomik: Exegese des ursprünglichen Beitrags und seiner Fortentwicklungen für die offene Volkswirtschaft

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  • Sell, Friedrich L.
  • Kermer, Silvio
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    Abstract

    Given all the evidence supporting Milton Friedman's proposition that inflation is now and everywhere a monetary phenomenon, it seems that we are wrong when we tend to ignore the behaviour of the monetary aggregates at our peril. The total neglect of information about the monetary aggregates in the Taylor rule is possibly a strong signal into that erroneous direction. Moreover, so-called "New Keynesianism" has put forward that there is no more need to treat the money market equilibrium in an "LM-setting". Our paper goes back to William Poole's seminal paper on interest rate and money supply rules and extends his earlier work to the open economy, various types of shocks and to the analysis of cooperative and non-cooperative behaviour of central banks. The results achieved confirm that the inclusion of the money market equilibrium enhances the possibilities to compare the costs and benefits of different monetary policy strategies under cooperative or non-cooperative behaviour. --

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    Paper provided by Universität der Bundeswehr München, Economic Research Group in its series Working Papers in Economics with number 2006,3.

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    Date of creation: 2006
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    Handle: RePEc:zbw:ubwwpe:20063

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    Keywords: Schockabsorption; Zins- vs. Geldmengenregeln; (Nicht-)Kooperative Geldpolitik bei flexiblen Wechselkursen;

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    1. Collard, Fabrice & Dellas, Harris, 2005. "Poole in the New Keynesian model," European Economic Review, Elsevier, Elsevier, vol. 49(4), pages 887-907, May.
    2. Dotsey, Michael & King, Robert G, 1986. "Informational Implications of Interest Rate Rules," American Economic Review, American Economic Association, American Economic Association, vol. 76(1), pages 33-42, March.
    3. Guender, Alfred V. & Tam, Julie, 2004. "On the performance of nominal income targeting as a strategy for monetary policy in a small open economy," Journal of International Money and Finance, Elsevier, Elsevier, vol. 23(2), pages 143-163, March.
    4. Collard, Fabrice & Dellas, Harris & Ertz, Guy, 2000. "Poole Revisited," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2521, C.E.P.R. Discussion Papers.
    5. Friedman, Benjamin M., 1990. "Targets and instruments of monetary policy," Handbook of Monetary Economics, Elsevier, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 2, chapter 22, pages 1185-1230 Elsevier.
    6. Matthew B. Canzoneri & Dale W. Henderson & Kenneth S. Rogoff, 1981. "The information content of the interest rate and optimal monetary policy," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 192, Board of Governors of the Federal Reserve System (U.S.).
    7. Sell, Friedrich L., 2004. "Währungspolitik im Dienste von Entwicklung : Immer noch ein Forschungsprogramm!," Working Papers in Economics 2004,2, Universität der Bundeswehr München, Economic Research Group.
    8. Lai, Ching-chong & Chen, Shu-hua & Shaw, Ming-fu, 2005. "Nominal income targeting versus money growth targeting in an endogenously growing economy," Economics Letters, Elsevier, Elsevier, vol. 86(3), pages 359-366, March.
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