UNANTICIPATED MONEY GROWTH AND OUTPUT FLUCTUATIONS

Steven M. Sheffrin

42 citations0/0 files storedEconomic Inquiry

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

A rational expectations model is developed in which prices are fixed during a period. The implications of this model are that output fluctuations are correlated with unanticipated aggregate demand but not with unanticipated inflation. Empirical tests of the model indicate that the persistence of business cycles cannot be explained solely by unanticipated aggregate demand.

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References

1973Some International Evidence on Output-Inflation Tradeoffs.1975An Equilibrium Model of the Business Cycle 1976Unanticipated Money Growth and Unemployment in the United States 1977What Economics Is Most Important to Teach: The Hansen Committee Report 1976Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent of Innovations in Measures of Monetary and Fiscal Policy?1977The Monetarist Controversy or, Should We Forsake Stabilization Policies?1975Inflation: Its Mechanics and Welfare Costs 1975The Rigidity of Wages and the Persistence of Unemployment

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1987Inference in dynamic models containing ‘surprise’ variables 1981Anticipated Money, Inflation Uncertainty, and Real Economic Activity 1980The Effects of Unanticipated Money Growth on Prices and on Output and Its Composition in a Fixed-Exchange-Rate Open Economy 1987Offshore Commodity Hedging under Floating Exchange Rates 1981The Case for and against "Disequilibrium" Money (Pour et contre un stock de monnaie en desequilibre) (Los argumentos en pro y en contra del dinero de "desequilibrio")

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