A note on the neutrality of temporary monetary disturbances

Marvin Goodfriend and Robert King ()

No 79-02, Working Paper from Federal Reserve Bank of Richmond

Abstract: In the classical macroeconomic models constructed by Lucas (1972, 1975) and Barro (1976), monetary aggregates are assumed to be generated by a logarithmic random walk. This specification implies that all monetary growth is (a) unanticipated and (b) permanent.

Keywords: Macroeconomics; Monetary policy (search for similar items in EconPapers)
Date: 1979
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Related works:
Journal Article: A note on the neutrality of temporary monetary disturbances (1981)
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