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Optimum Monetary Growth in a Closed and an Open Economy

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  • Ghosh, Sukesh K

Abstract

This paper reexamines the efficacy of the constant money supply growth rule advocated by M. Friedman (1960) and S. Simons (1948) and examined by R. J. Barro (1976). Its monetary growth rule is somewhat different from Barro's in that an expansion in money supply is corrected by a portion of the monetary surprise of the previous period, and the rate of monetary growth varies stochastically. It discriminates between an expansion in the level and the growth rate of money supply, whereas Barro's model treats only the former. The result of these changes is to reverse and modify some of Barro's conclusions. Copyright 1988 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Ghosh, Sukesh K, 1988. "Optimum Monetary Growth in a Closed and an Open Economy," The Manchester School of Economic & Social Studies, University of Manchester, vol. 56(4), pages 377-382, December.
    • Handle: RePEc:bla:manch2:v:56:y:1988:i:4:p:377-82
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    Cited by:

    1. Elena D. Soboleva, 2015. "Intrastate Ethnic Conflicts and External State Support of Ethnic Minorities in East Asia: Theoretical Perspectives," HSE Working papers WP BRP 18/IR/2015, National Research University Higher School of Economics.

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