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| Author: | Woodford, M. |
| Title: | Monetary policy and price level determinacy in a cash-in-advance economy |
| Journal: | Economic Theory
1994 : VOL. 4:3, p. 345-380 |
| Index terms: | MONETARY POLICY PRICE LEVEL ECONOMIC THEORY |
| Language: | eng |
| Abstract: | The paper considers the determinacy of the equilibrium price level in the cash-in-advance monetary economy of Locas and Stockey (1983,1987), in the case of deterministic "fundamentals". The possibilities both of a multiplicity of perfect foresight equilibria and of "sunspot equilibria" are considered. Two types of monetary policy regimes are considered and compared, one in which the money supply grows at a given exogenous rate (that may be positive or negative), and one in which the nominal interest rate on one-period government debt is pegged at a given non-negative level. |
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