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Some Pleasant Monetarist Arithmetic / Michael R. Darby.
- Format:
- Book
- Author/Creator:
- Darby, Michael R.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w1295.
- NBER working paper series no. w1295
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1984.
- Summary:
- Contrary to the conclusion of Sargent and Wallace, it is possible to exogenously and independently vary monetary and fiscal policy and retain steady-state equlibrium in economies like the United States. In particular,the central bank is not forced to monetize increased deficits either now or in the future. This conclusion is based on the fact that the real after-tax yield on government bonds is considerably less than the growth rate of real income except during brief disinflationary periods.
- Notes:
- Print version record
- March 1984.
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