Working Paper
A note on the neutrality of temporary monetary disturbances
Abstract: In the classical macroeconomic models constructed by Lucas (1972, 1975) and Barro (1976), monetary aggregates are assumed to be generated by a logarithmic random walk. This specification implies that all monetary growth is (a) unanticipated and (b) permanent.
Keywords: Macroeconomics; Monetary policy;
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Bibliographic Information
Provider: Federal Reserve Bank of Richmond
Part of Series: Working Paper
Publication Date: 1979
Number: 79-02