Payments systems and monetary policy

Article Abstract:

The role of the central bank was studied in a dynamic spatial model that permitted alternative types of payment arrangements with aggregate fluctuations driven by fluctuations in aggregate productivity. The results showed that there was indeterminacy in the price level and in relative prices in the absence of a payment system but there exists equilibrium where the price level and the money stock were constant and productivity fluctuations were accommodated.

United States, Central banks, Comparative analysis

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Real business cycle research comes of age: a review essay

Article Abstract:

The book, 'Frontiers of Business Cycle Research,' is commended for effectively depicting the current state of the art developments in real business cycle (RBC) techniques for macroeconomists. Frontiers is a collection of papers which accurately describe the most essential aspects of the RBC research program. The RBC research program is seen as the most influential program for macroeconomic research since the year 1980.

Research, Books, Literature, Business cycles, Macroeconomics, Book Review, Book reviews, Real Business Cycle Research Comes of Age: a Review Essay (Book)

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Sequential markets and the suboptimality of the Friedman rule

Article Abstract:

A sequential markets model reveals the nonneutrality of unanticipated money. The surprise of positive money results in less-than-proportionate increases in the price and production of cash goods, which decreases real interest rate and leads to a liquidity effect. The nominal interest rate is positive and variable under an optimal money supply rule, which makes a Friedman rule considered as suboptimal.

Models, Analysis, Markets (Economics), Liquidity (Finance)

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