H. Levin, Jay - In: Journal of Economic Integration 12 (1997), pp. 344-358
stock. In reality, howev - er, central banks typically maintain money supply growth targets rather than money stock targets … change in the growth rate of the money supply. The original analysis of exchange rate dynamics, the seminal model of … Dornbusch, assumed that the growth rate of the money supply was zero and that the central bank permanently changed the money …