Interest rate rules vs. money growth rules: a welfare comparison in a cash-in-advance economy

Charles Carlstrom and Timothy Fuerst

No 9504, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

Abstract: A consideration of the welfare consequences of two simple monetary policy rules--an interest rate peg and a money growth peg--in a dynamic general-equilibrium model, indicating that the interest rate rule dominates the money growth rule.

Keywords: Monetary; theory (search for similar items in EconPapers)
Date: 1995
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Journal Article: Interest rate rules vs. money growth rules a welfare comparison in a cash-in-advance economy (1995)
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