| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6237 |
| DP6237 Which Factors Determine Academic Performance of Undergraduate Students in Economics? Some Spanish Evidence | |
| Juan Dolado; Eduardo Morales | |
| 发表日期 | 2007-03-28 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | I consider some of the leading arguments for assigning an important role to tracking the growth of monetary aggregates when making decisions about monetary policy. First, I consider whether ignoring money means returning to the conceptual framework that allowed the high inflation of the 1970s. Second, I consider whether models of inflation determination with no role for money are incomplete, or inconsistent with elementary economic principles. Third, I consider the implications for monetary policy strategy of the empirical evidence for a long-run relationship between money growth and inflation. (Here I give particular attention to the implications of ``two-pillar Phillips curves'' of the kind proposed by Gerlach (2004).) And fourth, I consider reasons why a monetary policy strategy based solely on short-run inflation forecasts derived from a Phillips curve may not be a reliable way of controlling inflation. I argue that none of these considerations provide a compelling reason to assign a prominent role to monetary aggregates in the conduct of monetary policy. |
| 主题 | International Macroeconomics |
| 关键词 | Monetarism Monetary targeting New keynesian model Two-pillar strategy |
| URL | https://cepr.org/publications/dp6237 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535066 |
| 推荐引用方式 GB/T 7714 | Juan Dolado,Eduardo Morales. DP6237 Which Factors Determine Academic Performance of Undergraduate Students in Economics? Some Spanish Evidence. 2007. |
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