The optimal monetary instrument and the (mis)use of causality tests
This paper investigates the optimal monetary instrument in a New-Keynesian model with multiple monetary assets. We compare a standard interest rate rule to a k-percent rule for three alternative monetary aggregates determined within our model: the monetary base, the simple sum measure of money, and...
Main Authors: | , |
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Format: | Article |
Language: | English |
Published: |
Elsevier B.V.
2019
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Subjects: | |
Online Access: | View Fulltext in Publisher |