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Recalculating Sargent and Wallace’s “Some Unpleasant Monetarist Arithmetic”

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  • Ivan Werning

Abstract

This note revisits and extends the seminal analysis by Sargent and Wallace, originally framed in terms of money growth rates. Here, I reexamine their model through two complementary lenses, treating the policy instrument as either (i) a sequence of interest rates or (ii) a sequence of seigniorage. In the process, I revisit Sargent and Wallace’s “spectacular” example and offer a variant that strengthens their conclusions.

Suggested Citation

  • Ivan Werning, 2024. "Recalculating Sargent and Wallace’s “Some Unpleasant Monetarist Arithmetic”," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 44(3), November.
    • Handle: RePEc:fip:fedmqr:99083
    DOI: 10.21034/qr.4431
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