Price Stability as Optimal Policy: Costly Nominal Adjustment in General Equilibrium
This paper juxtaposes the policy trend towards price stability with the theoretical optimal quantity of money. After reviewing alternatives to the Friedman (1969) optimum, it focuses on the effect of costly nominal adjustment as a result of inflation.
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|Date of creation:||1996|
|Date of revision:|
|Contact details of provider:|| Postal: Department of Economics, The University of Melbourne, 4th Floor, FBE Building, Level 4, 111 Barry Street. Victoria, 3010, Australia|
Phone: +61 3 8344 5355
Fax: +61 3 8344 6899
Web page: http://fbe.unimelb.edu.au/economics
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