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Expectations and Monetary Policy: A Historical Perspective

Filippo Cesarano

The Manchester School of Economic & Social Studies, 1998, vol. 66, issue 4, 439-52

Abstract: Classical economists developed a surprisingly sophisticated analysis of money supply variations that, anticipating the main features of contemporary theory, emphasizes the role of information in the transmission mechanism. Drawing on the classical contributions, this paper outlines a general approach to monetary policy, treating information as a scarce commodity allocated optimally by rational agents. Copyright 1998 by Blackwell Publishers Ltd and The Victoria University of Manchester

Date: 1998
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