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Monetary Targets, Buffer Stock Money and Money Market Dynamics

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  • Muscatelli, Vito Antonio

Abstract

This paper develops a continuous time model of "buffer stock money" and incorporates it within a small macromodel with policy rules. The author examines the dynamic behavior of the system when the authorities treat the money stock as an intermediate objective. The performance of monetary targets is evaluated using both analytical results and numerical simulations. The model is subsequently extended to incorporate stochastic disturbances. The dynamic behavior of the model analyzed in this paper may offer some insights into the behavior of the money market when monetary targets are adopted in the presence of buffer stock behavior on the part of the private sector. Copyright 1990 by Scottish Economic Society.

Suggested Citation

  • Muscatelli, Vito Antonio, 1990. "Monetary Targets, Buffer Stock Money and Money Market Dynamics," Scottish Journal of Political Economy, Scottish Economic Society, vol. 37(2), pages 166-183, May.
    • Handle: RePEc:bla:scotjp:v:37:y:1990:i:2:p:166-83
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