Inflation aversion and macroeconomic policy in a perfect foresight monetary model |
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| Authors: | Gaowang Wang Heng-fu Zou |
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| Affiliation: | a School of Economics and Management, Institute for Advanced Study, Wuhan University, Wuhan, 430072, Chinab China Economics and Management Academy, Central University of Finance and Economics, Beijing, 100081, Chinac Institute for Advanced Study, Shenzhen University, Shenzhen, 518060, China |
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| Abstract: | This paper reexamines monetary non-superneutrality and the optimality of the optimum quantity of money in the money-in-utility Sidrauski model with endogenous fluctuations of the time preference by introducing inflation aversion. It is shown that the long-run superneutrality of the standard Sidrauski model does not hold, and Friedman's optimum quantity of money is not optimal. |
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| Keywords: | E31 E5 O41 |
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