Auray, Stéphane; Fève, Patrick - In: Journal of Macroeconomics 30 (2008) 3, pp. 801-816
In this paper, we discuss the observational equivalence between two monetary policy rules: a constant money growth rule and an interest rate rule. From the equilibrium conditions of a sticky prices model, we consider: (i) the Taylor rule parameter implied by the model with exogenous money...