| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2825 |
| 来源ID | Working Paper 2825 |
| Money Stock Targeting, Base Drift and Price-Level Predictability: Lessons From the U.K. Experience | |
| Michael D. Bordo; Ehsan U. Choudhri; Anna J. Schwartz | |
| 发表日期 | 1989 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | It is controversial whether money stock targeting without base drift (i.e. following a trend-stationary growth path) makes the price level more predictable in the presence of permanent shocks to money demand. Developing a procedure that does not run into the Lucas critique, and applying this procedure to the case of the U.K., the paper finds that the variance of the trend inflation rate in the U.K. would have been reduced by more than one half if the Bank of England had not allowed base drift. |
| URL | https://www.nber.org/papers/w2825 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560091 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Ehsan U. Choudhri,Anna J. Schwartz. Money Stock Targeting, Base Drift and Price-Level Predictability: Lessons From the U.K. Experience. 1989. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2825.pdf（281KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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