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Monetary Shocks And The Nominal Interest Rate

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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Paper provided by Tilburg - Center for Economic Research in its series Papers with number 8938.

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Length: 15 pages
Date of creation: 1989
Date of revision:
Handle: RePEc:fth:tilbur:8938
Contact details of provider: Postal: TILBURG UNIVERSITY, CENTER FOR ECONOMIC RESEARCH, 5000 LE TILBURG THE NETHERLANDS.
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