Interest rate rules vs. money growth rules: a welfare comparison in a cash-in-advance economy
Abstract: A consideration of the welfare consequences of two simple monetary policy rules--an interest rate peg and a money growth peg--in a dynamic general-equilibrium model, indicating that the interest rate rule dominates the money growth rule.
Keywords: Monetary theory;
Provider: Federal Reserve Bank of Cleveland
Part of Series: Working Papers (Old Series)
Publication Date: 1995