On the optimum quantity of money

By W. Barnett, W. Block. 2004

748 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/dc85675f3871313f07416757953be818c76766b5

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In Economics and Econometrics

Citations in the corpus

Background studies for the ECB's evaluation of its monetary policy strategy (2003, methodology): “26 The more recent research has analysed the robustness of the Friedman rule in more general settings. A branch of this more recent literature has focused on its robustness when the social planner is unable to commit to future outcomes. Results in this respect seem mixed: Rankin (2001) suggests that”
Modern Macroeconomics in Practice: How Theory is Shaping Policy (2006, neutral): “This result is due to the celebrated work of Milton Friedman (1969), which has been defended and supplemented by more recent work based on standard public finance principles.”
Bubbles and Self-Enforcing Debt (2006, background): “5 In a deterministic environment, unbacked public debt is equivalent to at money. of rational bubbles in models with exogenous borrowing constraints à la Bewley (1980) has been recognized in Scheinkman and Weiss (1986), Kocherlakota (1992) and Santos and Woodford (1997).”
Optimal Inflation Targeting Rules (2003, neutral): “…frictions that account for money demand imply a distortion that should be an increasing function of the nominal interest rate, as stressed by Friedman (1969); the deadweight loss resulting from a positive opportunity cost of holding money should also be a convex function of the interest…”
The Simple Analytics of Helicopter Money: Why It Works — Always (2014, background): “This paper aims to provide a rigorous analysis of Milton Friedman’s famous parable of the ‘helicopter’ drop of money (Friedman 1948, 1969).”
Interest and Prices (2011, background): “This is 5For reviews of that traditional literature, see Woodford (1990) and Chari and Kehoe (1999).”
Negative Nominal Interest Rates: Three Ways to Overcome the Zero Lower Bound (2009, positive): “…that if the policy-determined wedge between the two interest rates were zero, ω = 0, Friedman’s optimal quantity of money (OQM) rule would be automatically implemented all the time (Friedman, 1969). iM = i − ω ω ≥ 0 (41) 15 Source: ECB, http://www.ecb.int/stats/euro/circulation/html/index.en.html.”
On the equivalence of private and public money (2019, background): “In Bewley (1980) agents hold money (the only asset) because after a negative income shock the disposable resources do not suffice to smooth consumption. In Woodford (1990) and Kiyotaki & Moore (2012) agents demand a safe store of value such as government bonds or money because they are borrowing con”
The Deflation Bias and Committing to Being Irresponsible (2006, background): “…real money balances is increasing in Mt/Pt for any possible value of ξ up to a satiation point at some finite level of real money balances as in Friedman (1969).7 g(·) is the utility of government consumption and is concave and strictly increasing in Gt for any possible value of ξ. v(·) is…”
DOES MODEL UNCERTAINTY JUSTIFY CAUTION? ROBUST OPTIMAL MONETARY POLICY IN A FORWARD-LOOKING MODEL (2002, background): “However, it may be undesirable to vary the nominal interest rate as much as the natural rate of interest.10 For instance, Friedman (1969) has argued that high nominal interest rates involve welfare costs of transactions.”
The I Theory of Money (2016, neutral): “Even though it is intrinsically worthless, in equilibrium money can have value by a mechanism which can be related to the models of Samuelson (1958) and Bewley (1980).(3) Crucially, in order for money to have value, enough agents should create demand for new savings through money to offset the suppl”