Money Growth Rules and Price Level Determinacy

Charles Carlstrom and Timothy Fuerst

Review of Economic Dynamics, 2003, vol. 6, issue 2, 263-275

Abstract: Do exogenous money growth rules produce price level determinacy? This is a classic topic in monetary theory. This paper contributes to this literature by examining the effect of money demand timing. The paper demonstrates how conditions for determinacy vary depneding upon whether the theoretical model uses 'cash-in-advance' timing or 'cash-when-I'm-done' timing. This issue is addressed in an endowment economy and a standard production economy. (Copyright: Elsevier)

Date: 2003
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DOI: 10.1016/S1094-2025(03)00010-3

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