The Role of Countercyclical Monetary Policy

When firms set nominal prices in advance, optimal monetary policy insulates aggregate output against shocks to demand. It can do so, however, by following the constant money growth rule advocated by Milton Friedman; it need not respond to the shocks in an actively countercyclical way. In addition, to the extent that output fluctuations are driven by shocks to supply, money growth should be procyclical

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Year of publication:	1998
Authors:	Ireland, Peter N.
Publisher:	[S.l.] : SSRN
Subject:	Theorie \| Theory \| Geldpolitik \| Monetary policy \| Stabilisierungspolitik \| Stabilization policy \| Preisrigidität \| Price stickiness \| Schock \| Shock
Description of contents:	Abstract [papers.ssrn.com]

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Extent:	1 Online-Ressource
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: JOURNAL OF POLITICAL ECONOMY 104, 4 (August 1996) Volltext nicht verfügbar
Classification:	E51 - Money Supply; Credit; Money Multipliers ; E52 - Monetary Policy (Targets, Instruments, and Effects)
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014114232