On Some Monetarist Arithmetic
The paper improves upon the original Sargent-Wallace (SW) version which had to resort to numerical simulations to prove this point It is also shown that incorporating the Mundeil-Tobin and Darby-Tanzi effects into the model indicates further conditions that would (in)validate the SW result
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- Darby, Michael R, 1975. "The Financial and Tax Effects of Monetary Policy on Interest Rates," Economic Inquiry, Western Economic Association International, vol. 13(2), pages 266-76, June.
- Robert Mundell, 1963. "Inflation and Real Interest," Journal of Political Economy, University of Chicago Press, vol. 71, pages 280.
- Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
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