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Adolph, B. Die Existenz einer wirksamen Geldpolitik bei rationalen Erwartungen und starren Güterpreisen. Credit and Capital Markets – Kredit und Kapital, 19(3), 340-350. https://doi.org/10.3790/ccm.19.3.340
Adolph, Brigitte "Die Existenz einer wirksamen Geldpolitik bei rationalen Erwartungen und starren Güterpreisen" Credit and Capital Markets – Kredit und Kapital 19.3, 1986, 340-350. https://doi.org/10.3790/ccm.19.3.340
Adolph, Brigitte (1986): Die Existenz einer wirksamen Geldpolitik bei rationalen Erwartungen und starren Güterpreisen, in: Credit and Capital Markets – Kredit und Kapital, vol. 19, iss. 3, 340-350, [online] https://doi.org/10.3790/ccm.19.3.340

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Die Existenz einer wirksamen Geldpolitik bei rationalen Erwartungen und starren Güterpreisen

Adolph, Brigitte

Credit and Capital Markets – Kredit und Kapital, Vol. 19 (1986), Iss. 3 : pp. 340–350

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Brigitte Adolph, Berlin

References

  1. Adolph, B. und Wolfstetter, E. (1984): "Private Information, Wage-Price Indexation and the Non Neutrality of Money: A Case for Welfare Improving Taxes", Discussion Papers on Political Economy No. 26, FU-Berlin.  Google Scholar
  2. Barro, R. J. (1976): "Rational Expectations and the Role of Monetary Policy", Journal of Monetary Economics, 2, 1 - 32.  Google Scholar
  3. Barro, R. J. and Grossman, H. I. (1976): "Money, Employment and Inflation", Cambridge University Press, Cambridge.  Google Scholar
  4. Benassy, J. P. (1975): "Neo-Keynesian Disequilibrium Theory in a Monetary Economy" Review of Economic Studies, 42, 503-523.  Google Scholar
  5. Fischer, S. (1977): "Long-Term Contracts, Rational Expectations and the Optimal Money Supply Rule", Journal of Political Economy, 85, 191-205.  Google Scholar

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.