On the optimality of the Friedman rule in a New Monetarist model

Ryoji Hiraguchi, Keiichiro Kobayashi

Research output: Contribution to journalArticle

2 Citations (Scopus)

Abstract

We study a monetary model in which buyers choose search intensity and prices are considered as given in a decentralized market. We indicate that the Friedman rule may not be optimal.

Original languageEnglish
Pages (from-to)57-60
Number of pages4
JournalEconomics Letters
Volume125
Issue number1
DOIs
Publication statusPublished - 2014 Oct

Keywords

  • Friedman rule
  • Monetary policy
  • Search

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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