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A note on the neutrality of temporary monetary disturbances

Author

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  • Marvin Goodfriend
  • Robert G. King

Abstract

In the classical macroeconomic models constructed by Lucas (1972, 1975) and Barro (1976), monetary aggregates are assumed to be generated by a logarithmic random walk. This specification implies that all monetary growth is (a) unanticipated and (b) permanent.

Suggested Citation

  • Marvin Goodfriend & Robert G. King, 1979. "A note on the neutrality of temporary monetary disturbances," Working Paper 79-02, Federal Reserve Bank of Richmond.
  • Handle: RePEc:fip:fedrwp:79-02
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    References listed on IDEAS

    as
    1. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    2. Barro, Robert J., 1976. "Rational expectations and the role of monetary policy," Journal of Monetary Economics, Elsevier, vol. 2(1), pages 1-32, January.
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    Keywords

    Macroeconomics ; Monetary policy;

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