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PD Jonson, Elizabeth Prior Jonson & Ka Mun Ho
- Jun 30, 2013
- 37 min
Beyond Friedman; Adding Asset Inflation and 52 Extra Years
Abstract. This paper shows that in modern USA history asset (share price) inflation mostly responds to changes in monetary policy in the same direction as goods inflation. However, in certain important episodes, asset inflation booms while monetary policy is well controlled and goods inflation is low .
Recognising these ‘aberrant episodes’ has important implications for monetary policy, and explaining them satisfactorily provides a challenge for economic theory and macroecon
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