A note concerning a credit rule for monetary policy |
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Authors: | A. Edward Day Douglas W. Mitchell |
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Affiliation: | University of Louisville, USA;University of Texas, Austin, USA |
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Abstract: | A technique introduced by Friedman is used to analyze the ability of the Federal Reserve to control the money supply. We find that the necessary conditions for control are so restrictive that a constant growth rate for the money stock may not be achievable. We suggest, therefore, a steady growth rate for Federal Reserve Credit. |
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