Monetary policy regimes: a synthesis of the monetary control and rational expectations literatures

James G. Hoehn

No 8407, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

Abstract: The monetary control literature has attempted to explore the effects of alternative policies without succeeding in incorporating rational expectations or in integrating analysis of the money supply sector into a complete macroeconomic framework. the rational expectations approach, while reserving a place for the monetary control issues under the concepts of instrument (Sargent and Wallace 1975), automatic stabilizers (McCallum and Whitaker 1979), and structural reforms (Dotsey and King 1983), has not provided the needed integration. Extending earlier work by Hoehn (1979, 1983b) and McCallum and Hoehn (1982, 1983), this paper attempts to provide a synthesis of the concepts from the rational expectations and monetary control literatures, in the context of a relatively complete, if ad hoc, macroeconomic model.

Keywords: Monetary policy; Rational expectations (Economic theory) (search for similar items in EconPapers)
Date: 1984
References: Add references at CitEc
Citations:

Downloads: (external link)
https://fraser.stlouisfed.org/scribd/?item_id=4944 ... 4-07.pdf#scribd-open Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedcwp:8407

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Working Papers (Old Series) from Federal Reserve Bank of Cleveland Contact information at EDIRC.
Bibliographic data for series maintained by 4D Library ().