to the path of short-term rates; 3) deposit insurance has been extended, helping to insulate the money stock from credit …

This paper introduces an empirical measure of the cost of allocating money market volatility between the money stock …

policymakers cannot commit. Interest rates, which can be made endogenously tight, have a natural advantage over money growth and … exchange rates, which cannot. As prices, interest and exchange rates are more transparent than money growth. All else equal …

of money flows and the links between monetary base, money supply and monetary income. Further, the monetary policy …

This paper demonstrates how a target for money growth can be beneficial for an inflation targeting central bank acting … under discretion. Because the growth rate of money is closely related to the change in the interest rate and he growth of … real output, delegating a money growth target to the central bank makes discretionary policy more inertial, leading to …

-run volatility consequences of money stock targeting procedures under current (1981) alternative operating procedures. Conclusions … include: the odds are at least two to one that a portion of the increased money market volatility observed in 1980 cannot be … ascribed solely to current operating procedures. Further there exists a well-behaved trade-off between the volatility of money …

's rule: short run increases in the money stock - whether through issuing spending coupons, open market operations or foreign … exchange intervention - change nothing as long as the money stock shrinks in the long run. Second, two simple "Keynesian …

's rule: short run increases in the money stock - whether through issuing spending coupons, open market operations or foreign … exchange intervention - change nothing as long as the money stock shrinks in the long run. Second, two simple "Keynesian …