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An Endogenous Taylor Condition in an Endogenous Growth Monetary Policy Model

The paper derives a Taylor condition as part of the agent's equilibrium behavior in an endogenous growth monetary economy. It shows the assumptions necessary to make it almost identical to the original Taylor rule, and that it can interchangably take a money supply growth rate form. From the money supply form, simple policy experiments are conducted. A full central bank policy model is derived that includes the Taylor condition along with equations comparable to the standard aggregate-demand/aggregate-supply model.

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File URL: http://patrickminford.net/wp/E2007_29.pdf
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Paper provided by Cardiff University, Cardiff Business School, Economics Section in its series Cardiff Economics Working Papers with number E2007/29.

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Length: 20 pages
Date of creation: Nov 2007
Date of revision:
Handle: RePEc:cdf:wpaper:2007/29
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