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Monetary Shocks And The Nominal Interest Rate

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  • MARINI, G.

Abstract

This paper reconsiders the effects of monetary shocks on the nominal interest rate in a standard macroeconomic model. It is determined that, when the policy objective is controlling the money stock, money supply shocks generate a situation of excess demand for money. The positive relationship between nominal interest rates and monetary innovations in the United States following the 1979 change in regime is, thus, not puzzling but perfectly consistent with standard theory. Nominal interest rate decreases are possible only when "fine-tuning" rules are adopted. Copyright 1992 by The London School of Economics and Political Science.
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(This abstract was borrowed from another version of this item.)
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(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Marini, G., 1989. "Monetary Shocks And The Nominal Interest Rate," Papers 8938, Tilburg - Center for Economic Research.
  • Handle: RePEc:fth:tilbur:8938
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    References listed on IDEAS

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    1. McCallum, Bennett T., 1983. "On non-uniqueness in rational expectations models : An attempt at perspective," Journal of Monetary Economics, Elsevier, vol. 11(2), pages 139-168.
    2. Barro, Robert J, 1984. "Rational Expectations and Macroeconomics in 1984," American Economic Review, American Economic Association, vol. 74(2), pages 179-182, May.
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