Detail The Optimum Quantity of Money in A Stochastic Economy : A Comment   Oleh:  Mukherji, Nivedita Jenis: Article from Bulletin/Magazine Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 33 no. 2 (1992), page 487-489. Topik: Stochastic; quantity of money; stochastic economy Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel In a 1989 paper Taub showed, contrary to Bewley's conjecture, that when income is subject to an aggregate shock, inflation may be the optimal policy. This paper shows that the inflation result is due to an algebraic mistake in the calculation of the first order condition. When income is subject to an aggregate shock, deflation is always the optimal policy if the driving process has an AR (1) representation. Moreover, for a stationary AR (1) process, the rate of deflation exceeds the rate of time preference, as Bewley conjectured. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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