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On the optimality of the Friedman rule in a New Monetarist model

Ryoji Hiraguchi and Keiichiro Kobayashi

Economics Letters, 2014, vol. 125, issue 1, 57-60

Abstract: We study a monetary model in which buyers choose search intensity and prices are considered as given in a decentralized market. We indicate that the Friedman rule may not be optimal.

Keywords: Monetary policy; Friedman rule; Search (search for similar items in EconPapers)
JEL-codes: E1 (search for similar items in EconPapers)
Date: 2014
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Working Paper: On the optimality of the Friedman Rule in a New Monetarist Model (2013) Downloads
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