Optimum Quantity of Money Instability

Jose Encarnacion

No 199302, UP School of Economics Discussion Papers from University of the Philippines School of Economics

Abstract: It is shown that optimum quantity of money equilibria are unstable in the simplest models. Getting back to the desired path requires a temporar y suspension of the money growth rule.

Date: 1993-02
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Published as UPSE Discussion Paper No.1993-02, February 1993

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