Price Stability as Optimal Policy: Costly Nominal Adjustment in General Equilibrium

Max Gillman ()

No 516, Department of Economics - Working Papers Series from The University of Melbourne

Abstract: This paper juxtaposes the policy trend towards price stability with the theoretical optimal quantity of money. After reviewing alternatives to the Friedman (1969) optimum, it focuses on the effect of costly nominal adjustment as a result of inflation.

Keywords: GENERAL EQUILIBRIUM; PRICES; MONEY; INFLATION (search for similar items in EconPapers)
JEL-codes: D50 E30 E31 E40 E50 (search for similar items in EconPapers)
Date: 1996

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Persistent link: http://EconPapers.repec.org/RePEc:mlb:wpaper:516

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