On dynamic stability in monetary models which incorporate short- and long-run expectations of inflation in the demand for the money function |
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Authors: | DA Peel |
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Institution: | University of Liverpool, Liverpool L69 3BX, England |
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Abstract: | The demand for money function should depend on the long-run rate of inflation. A model of macroeconomic fluctuations based on short-run unanticipated inflation is used, together with adaptive expectations to develop conditions for price stability. It is shown that Cagan's conditions are neither necessary nor efficient. |
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