Endogenous Monetary Growth Rules and Determinacy in Cash-in-Advance Models

It is well known that a high degree of relative risk aversion induces equilibrium indeterminacy in cash-in-advance economies. I find that by endogenously adjusting the nominal money supply to output fluctuations, these equilibria can be effectively eliminated.

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Year of publication:	2004
Authors:	Weder, Mark
Published in:	Economics Bulletin. - AccessEcon, ISSN 1545-2921. - Vol. 5.2004, 11, p. 1-7
Publisher:	AccessEcon

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Extent:	application/pdf
Type of publication:	Article
Language:	English
Classification:	E5 - Monetary Policy, Central Banking and the Supply of Money and Credit ; E3 - Prices, Business Fluctuations, and Cycles
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005110771