貨幣供給ルールと均衡の不決定性

概要

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This paper studies the relationship between money supply rules and indeterminacy of equilibrium in the context of a simle model of endogenous growth with a cash-in-advance constraint. The paper first shows that if the growth rate of nominal supply is fixed, indeterminacy mainly stems from the real side of the economy, in particular, the presence of external increasing returns. In contrast, if money supply is endogenously determined according to the nominal interest rate control rule, then the money supply decision of the authority plays a relevant role for generating multiple equilibria.
関西学院大学の論文