Price stability as optimal policy: Costly nominal adjustment in general equilibrium

Gillman, Max 1996. Price stability as optimal policy: Costly nominal adjustment in general equilibrium. [Working Paper]. Department of Economics - Working Papers Series, vol. 516. Melbourne: Department of Economics, The University of Melbourne.

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Abstract

This paper juxtaposes the policy trend towards price stability with the theoretical optimal quantity of money. After reviewing alternatives to the Friedman (1969) optimum, it focuses on the effect of costly nominal adjustment as a result of inflation.

Item Type:	Monograph (Working Paper)
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > HB Economic Theory
Uncontrolled Keywords:	General equilibrium; prices; money; inflation
Publisher:	Department of Economics, The University of Melbourne
Last Modified:	19 Mar 2016 23:15
URI:	https://orca.cardiff.ac.uk/id/eprint/44431

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