作者：Chari, VV; Christiano, LJ; Kehoe, PJ
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Northwestern University; University of Pennsylvania
摘要：We find conditions for the Friedman rule to be optimal in three standard monetary models. Our main contribution is to shed light on two issues in the literature. First, the conventional view maintains that when money is a final good, its services should be taxed. Moreover, if money demand is interest-inelastic, its services should be taxed heavily. We show that this view is incorrect. Second, there is an ongoing controversy about whether the optimality of the Friedman rule is connected to the ...
作者：Kaminsky, GL; Lewis, KK
作者单位：University of Pennsylvania; National Bureau of Economic Research; Federal Reserve System - USA
摘要：A frequently cited explanation for why foreign exchange interventions affect the exchange rate is that these interventions signal future monetary policy intentions. This explanation says that central banks signal a more contractionary monetary policy in the future by buying domestic currency today. Therefore, the expectations of future tighter monetary policy make the domestic currency appreciate, even though the current monetary effects of the intervention are typically offset by central bank...
