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Saturday, July 25, 2020 | History

2 edition of Price level determinacy without control of a monetary aggregate found in the catalog.

Price level determinacy without control of a monetary aggregate

Michael Woodford

Price level determinacy without control of a monetary aggregate

by Michael Woodford

  • 72 Want to read
  • 35 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Prices -- Mathematical models.,
  • Interest rates -- Mathematical models.,
  • Monetary policy -- Mathematical models.,
  • Money supply.

  • Edition Notes

    StatementMichael Woodford.
    SeriesNBER working paper series -- working paper no. 5204, Working paper series (National Bureau of Economic Research) -- working paper no. 5204.
    ContributionsNational Bureau of Economic Research.
    The Physical Object
    Pagination40 p. ;
    Number of Pages40
    ID Numbers
    Open LibraryOL22418684M

    Journal of Monetary Economics 45 () } Price level determinacy and monetary policy under a balanced-budget requirementq Stephanie Schmitt-GroheH!, MartmHn Uribe",*!Rutgers University, New Brunswick, NJ , USA "University of Pennsylvania, Philadelphia, PA , USA. For over two decades, Canada’s monetary policy framework has centred on an inflation target of 2 per cent—within a control band of 1 to 3 per cent—and a floating exchange rate The control band is there because inflation fluctuates in response to temporary factors, such as changes in gasoline prices, that don’t warrant a monetary.

    5 we analyze the implications of the balanced-budget rule for price level determinacy when the monetary authority follows, respectively, an interest rate peg, a money growth rate peg, and a feedback rule linking the nominal interest rate to inflation. Section 6 concludes. The Perils of Active Monetary Policy." Price Level Determinacy and Monetary Policy under a Balanced-Budget Requirement (with Stephanie Schmitt-Grohe), Journal of Monetary Economics, , February , Y2K (with Stephanie Schmitt-Grohe), Review of Economic Dynamics, 2, October , This paper is in continuous time.

      Woodford, M. "Monetary Policy and Price Level Determinacy in a Cash-in-Advance Economy," Economic Theory, 4, 3, May , pp. "Price-Level Determinacy without Control of a Monetary Aggregate," Carnegie Rochester Conference Series on Public Policy, 43, December , pp. Price Level and the Interaction of Monetary and Fiscal Policy. Economic Theory 4: 5. Michael W () Price-level Determinacy without Control of a Monetary Aggregate. Carnegie-Rochester Conference Series on Public Policy 6. Cochrane JH () Long-term Debt and Optimal Policy in the Fiscal Theory of the Price Level.


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Price level determinacy without control of a monetary aggregate by Michael Woodford Download PDF EPUB FB2

NBER Program(s):Economic Fluctuations and Growth, Monetary Economics It is shown that the price level remains determinate even in the case of two kinds of radical money supply endogeneity -- an interest rate peg by the central bank, and a 'free banking' regime -- that are commonly supposed to imply loss of control of the price level.

Carnegie-Rochester Conference Series on Public Policy 43 () North-Holland Price-level determinacy without control of a monetary aggregate* Michael Woodfordt Princeton University, Princeton, NJ ~,~ Abstract It is shown that the price level remains determinate even in the case of two kinds of radical money supply endogeneity - an interest rate peg by the central bank, and a "free banking" regime Cited by: It is shown that the price level remains determinate even in the case of two kinds of radical money supply endogeneity - an interest rate peg by the central bank, and a “free banking” regime - that are commonly supposed to imply loss of control of the price by: Price Level Determinacy Without Control of a Monetary Aggregate It is shown that the price level remains determinate even in the case of two kinds of radical money supply endogeneity -- an interest rate peg by the central bank, and a 'free banking' regime -- that are commonly supposed to imply loss of control of the price level.

The application of the fiscal theory of the price level to exogenous-money regimes is sketched as well. Suggested Citation: Suggested Citation Woodford, Michael, Price Level Determinacy Without Control of a Monetary Aggregate (August ).Cited by: Price Level Determinacy Without Control of a Monetary Aggregate.

Michael Woodford (). NoNBER Working Papers from National Bureau of Economic Research, Inc Abstract: It is shown that the price level remains determinate even in the case of two kinds of radical money supply endogeneity -- an interest rate peg by the central bank, and a 'free banking' regime -.

Price-level determinacy without control of a monetary aggregate. Michael Woodford (). Carnegie-Rochester Conference Series on Public Policy,vol. 43, issue 1, Date: References: View references in EconPapers View complete reference list from CitEc Citations: View citations in EconPapers () Track citations by RSS feed Downloads: (external link).

It is shown that the price level remains determinate even in the case of two kinds of radical money supply endogeneity -- an interest rate peg by the central bank, and a 'free banking' regime -- that are commonly supposed to imply loss of control of the price level.

The fiscal theory of the price level is the idea that government fiscal policy affects the price level: for the price level to be stable (to control inflation), government finances must be sustainable: they must run a balanced budget over the course of the business cycle, meaning they must not run a structural deficit.

Woodford, Michael () Monetary policy and price level determinacy in a cash-in-advance economy. Economic Theory 4, – Woodford, Michael () Price level determinacy without control of a monetary aggregate. Carnegie-Rochester Conference Series on.

Get this from a library. Price level determinacy without control of a monetary aggregate. [Michael Woodford; National Bureau of Economic Research.].

Woodford, M. () ‘Monetary Policy and Price Level Determinacy in a Cash-in-Advance Economy’, Economic Theory, vol. 4, pp. – CrossRef Google Scholar Woodford, M. () ‘Price Level Determinacy Without Control of a Monetary Aggregate’, Carnegie — Rochester Conference Series on Public Policy, vol.

43, pp. 1–   Journal of Monetary Economics52 () – The fiscal theory of the price level made simple, and responses to many criticisms.

A more careful model. Read the model carefully and the responses to criticisms depending on how many criticisms you have. Parichnoto delo v Balgaria, (Monetary activities in Bulgaria, ), Sofia: Knipegraph Printing House (in Bulgarian).

Price Level Determinacy without Control of a Monetary Aggregate, in: (). Abstract: It is shown that the price level remains determinate even in the case of two kinds of radical money supply endogeneity -- an interest rate peg by the central bank, and a 'free banking' regime -- that are commonly supposed to imply loss of control of the price level.

WOODFORD (), ``Price-level Determinacy without Control of a Monetary Aggregate'', Carnegie-Rochester Conference Series on Public Policy, 43, 1± Some Answers from Aggregate UK Data Price-level determinacy without control of a monetary aggregate.

In Carnegie-Rochester conference series on public policy, ed. McCallum and C. Plosser. Google Scholar. This paper examines the role of the monetary instrument choice for local equilibrium determinacy under sticky prices and different fiscal policy regimes.

Corresponding to Benhabib et al.'s () results for interest rate feedback rules, the money growth rate should not rise by more than one for one with inflation when the primary surplus is.

Woodford, M. Price Level Determinacy without Control of a Monetary Aggregate, in: Carnegie - Rochester Conference Series on Public Policy, vol. 43, pp. 1 - Monetary Policy without Control of a Monetary Aggregate 24 Implementing Interest-Rate Policy 25 Monetary Policy in a Cashless Economy 31 4.

Interest-Rate Rules 37 Contemporary Proposals 39 General Criticisms of Interest-Rate Rules 44 Neo-Wicksellian Monetary Theory 49 5. " Price-level determinacy without control of a monetary aggregate," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol.

43(1), pagesDecember. Michael Woodford, " Price Level Determinacy Without Control of a Monetary Aggregate," NBER Working PapersNational Bureau of Economic Research, Inc.Buiter: w The Fallacy of the Fiscal Theory of the Price Level: McCallum: w Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination: Woodford: w Price Level Determinacy Without Control of a Monetary Aggregate: McCallum: w Some Issues Concerning Interest Rate Pegging, Price Level Determinacy, and the Real Bills .Keywords: Price level Determinacy, Incomplete Markets, Inflation, Monetary Policy, Fiscal The unique equilibrium steady-state price level is then such that aggregate real demand how the price level responds to monetary and fiscal policy, and to changes in technology and.