Die Existenz einer wirksamen Geldpolitik bei rationalen Erwartungen und starren Güterpreisen
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Die Existenz einer wirksamen Geldpolitik bei rationalen Erwartungen und starren Güterpreisen
Credit and Capital Markets – Kredit und Kapital, Vol. 19 (1986), Iss. 3 : pp. 340–350
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Brigitte Adolph, Berlin
References
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Abstract
The Existence of an Effective Monetary Policy under Rational Expectations and Rigid Goods Prices
Within the framework of an elementary macromodel with rational expectations and rigid goods prices it is shown that deflationary policies result in a decline of the average production level even when their effect has been correctly anticipated. Every systematic inflationary policy, on the other hand, is allocation-neutral.