Policy Uncertainty and Informational Monopolies: The Case of Monetary Policy
In this paper we have presented a model in which perfectly enticipated inflation is superneutral: if the variance of the money (or the growth rate of the money supply in the dynamic interpretation) supply is zero, the real equilibrium is independent of the mean of the money supply.
|Date of creation:||1997|
|Contact details of provider:|| Postal: UNIVERSITY OF WISCONSIN MADISON, SOCIAL SYSTEMS RESEARCH INSTITUTE(S.S.R.I.), MADISON WISCONSIN 53706 U.S.A.|
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